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Taiwan to launch $1 billion Lithuania credit fund amid Beijing pressure

Stock MarketsJan 12, 2022 04:15AM ET
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© Reuters. FILE PHOTO: Taiwan National Development Council Minister Kung Ming-hsin poses during an interview with Reuters in Taipei, Taiwan, April 23, 2021. REUTERS/Ben Blanchard

VILNIUS (Reuters) - Taiwan will launch a $1 billion credit programme to help fund joint projects between Lithuanian and Taiwanese companies in six business categories, a Taiwan government minister said on Tuesday.

Lithuania is under pressure from China which claims democratically ruled Taiwan as its own territory, to reverse a decision last year to allow the island to open a de-facto embassy in Vilnius under its own name.

China has downgraded diplomatic ties with Vilnius, and is pressuring companies, such as German car parts giant Continental to stop using Lithuanian-made components. It has also blocked Lithuanian cargos from entering China.

"The Taiwan authorities' attempts to use dollar diplomacy to expand Taiwan independence activities are doomed to fail," Chinese foreign ministry spokesman Wang Wenbin told a briefing on Wednesday in response to a question about the credit programme.Taiwan last week announced plans to set up a separate $200 million fund to invest in Lithuanian industries and boost bilateral trade as it tries to fend off China's diplomatic pressure on the Baltic state.

"The investment and credit funds will help us strengthen the cooperation," Taiwan's National Development Council Minister Kung Ming-hsin told an online news conference.

The credit fund will focus on developing semiconductor talent and facilitating semiconductor development, as well as biotechnologies, satellites, finance and scientific research, said Kung.

Lithuania's Economy and Innovations Minister Ausrine Armonaite said her country planned to open a trade representation office in Taiwan in the spring.

Taiwanese representations in other countries, except the unrecognized Somaliland, are named after Taiwan's capital Taipei.

U.S. diplomats have expressed strong support for Lithuania, calling China's pressure "economic coercion".

Lithuania's Foreign Minister said he would discuss the Chinese pressure with his European Union counterparts on Friday.

Taiwan to launch $1 billion Lithuania credit fund amid Beijing pressure
 

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Comments (4)
Chandra paul
Chandra paul Jan 21, 2022 11:16PM ET
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Name any problem in the world, china is there . A curse on humanity is chinese empire
Kaveh Sun
Kaveh Sun Jan 15, 2022 1:21PM ET
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Taiwan is a democratic country where people actually elect their leaders. Without world support esp usa, China will take the island by force. They have to waste billions to buy support. China wastes 10x of that to build the silk road. Plus China ussing its power to squat smaller countries.
John Hat
John Hat Jan 11, 2022 7:36PM ET
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Poonanny CCP. A failing and disgraced nation.
John Laurens
John Laurens Jan 11, 2022 7:55AM ET
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That’s cool.
 
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