Taiwan plans $200 million investment in Lithuania amid rising tensions with China

Taiwan is establishing an investment fund and contemplating other measures to assist Lithuania, which is under intense economic pressure from China for allowing the island to build a representative office in the European Union country, according to Taiwanese officials on Wednesday. Taiwan's Tsai Ing-wen led government has announced $200 million fund to invest in Lithuanian industry due to customs clearance delays at Chinese ports, according to Sputnik. Eric Huang, the head of Taiwan's representative office in Lithuania, declared that Taipei will spend $200 million in the Baltic country. Lithuanian enterprises are experiencing difficulty at Chinese ports after the Communist regime purportedly erased the Baltic nation's name from its customs system, prompting Taipei to take action. A considerable amount of Lithuanian exports are currently stranded in Chinese ports as a result of the change, causing fear among business owners about the future of their shipments. "The $200 million fund will be used for investments into the Lithuanian economy and help its business, primarily into semiconductors, laser technology, biotech and other key industries," Eric Huang, a spokesman of the Taiwanese mission in Lithuania, told reporters in Vilnius. Lithuania has been targeted by Beijing recently Beijing has targeted Lithuania in recent months as a result of the former's decision to allow Taiwan to operate a representative office in Lithuania. Taiwan's representative office serves as an embassy. China was enraged by Lithuania's action, and the country was threatened severely. China claims sovereignty over Taiwan despite the fact that it is a sovereign country in the globe. Lithuania defied diplomatic convention by consenting to call the Taiwanese embassy in Vilnius as Taiwan rather than Chinese Taipei, which other countries do to avoid hurting Beijing. China believes Taiwan to be a part of its territory and does not recognise it diplomatically. Lithuania plans to create its own trade office in Taiwan later this year, and the office, which functions as a de facto embassy, opened in November. This has enraged China, which has withdrawn its ambassador from Vilnius and dismissed Lithuania's envoy from Beijing. Lithuania, which is a member of the European Union and NATO, has shuttered its embassy in Beijing due to the conflict. Taiwan has stated that it is willing to assist Lithuania in resupplying trade despite the island's claim that commodities are being prohibited from entering China. (With inputs from agencies) Image: AP

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Taiwan plans $200 million investment in Lithuania amid rising tensions with China

Taiwan is establishing an investment fund and contemplating other measures to assist Lithuania, which is under intense economic pressure from China.

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