The Lithuanian technology company Teltonika announced its intention to launch semiconductor production in the country in 2027 using Taiwanese technologies. Taiwan has pledged to help Lithuania resist economic pressure from China, allowing Taiwan to open a de facto embassy in Vilnius in November 2021.
Teltonika said the 2027 proceedings are part of a €14 million cooperation agreement with the Taiwan Research Institute of Industrial Technology, including a €10 million grant from Taiwan’s Ministry of Foreign Affairs.
“Partnership with Taiwan will help Lithuania move forward quickly, meet the world’s strongest players and realize its ambitious goals,” said Economy and Innovation Minister Austrin Armonaite.
China, which claims self-ruled Taiwan as its territory, has downgraded diplomatic relations with Lithuania, cut trade and pressured multinational corporations to cut the state out of their supply chains after Taiwan opened an office in Vilnius. The European Union then filed a complaint with the World Trade Organization, accusing China of discriminatory trade practices against its member.
In 2022, Lithuania’s trade with Taiwan increased by about a third. In other recent bilateral deals, solar module maker SoliTek on Wednesday announced an €8 million loan from Taiwan’s Eximbank, while biotech startup Oxipit announced a €3.5 million investment from Taiwania Capital, Lithuanian news outlet BNS reported.
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FINANCIAL ANALYSIS
The European Commission approved the “Law on Chips” – with investments of more than 43 billion euros to expand semiconductor production
Source: Reuters
