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Cabinet officials

Taiwan and Lithuania Strengthen Economic Ties through the First-Ever Economic Dialogue

Strategic Insights

— 2 min read

Taiwan Deputy Minister of Economic Affairs Chern-Chyi "C.C." Chen and Lithuanian Deputy Minister of Economy and Innovation Jovita Neliupsiene co-chaired the First Lithuania-Taiwan Economic Dialogue in Vilnius, Lithuania, on May 25. The event brought together officials from both countries to discuss potential cooperative opportunities in various sectors, including semiconductors, lasers, electric buses, biotechnology, startups, trade, investment, and supply chain resilience. The meeting marked a significant milestone in advancing cooperation between Taiwan and Lithuania, two like-minded partners sharing democratic values and a desire to strengthen their bilateral relationship.

Key Takeaways:

  • The First Lithuania-Taiwan Economic Dialogue was held in Vilnius, Lithuania, on May 25, with Deputy Minister Chen and Deputy Minister Neliupsiene co-chairing the event.
  • Taiwanese entrepreneurs have shown increased interest in building partnerships with Lithuanian firms, with the visit being Deputy Minister Chen's "second of journey of discovery" to Lithuania.
  • The world has faced increasing challenges, including Sino-U.S. trade frictions, the global COVID-19 pandemic, and the Russian invasion of Ukraine, which have accelerated geopolitical changes and transformed international trade and global supply chains.
  • Taiwan and Lithuania, like-minded partners with shared values of democracy and freedom, have been actively engaging in close exchanges and enhancing their cooperative relations.
  • Vice Minister Neliupsiene warmly welcomed Deputy Minister Chen's delegation and expressed the hope that the launch of the new official bilateral dialogue platform marks a milestone in advancing cooperation between the two sides.
  • The two sides engaged in extensive exchanges on a range of issues, with a particular focus on semiconductors, lasers, electric buses, biotechnology, startups, trade, investment, and supply chain resilience.
  • Both sides agreed that the initial meeting provided a good opportunity to take stock of potential cooperative opportunities, and the next meeting would focus more on the practical and concrete specifics of bilateral cooperation.
  • In recent months, Taiwan and Lithuania have actively stepped up bilateral exchanges and engagement, with the establishment of the Taiwanese Representative Office in Lithuania marking an important milestone in their closer bilateral relationship.
  • The Office has already held over 100 Lithuania-related business events and activities.
  • According to Taiwan's Customs statistics, bilateral trade with Lithuania for the first quarter of this year amounted to US$44.87 million, marking a year-on-year increase of 30%, with Lithuanian exports to Taiwan rising a significant 63% for the period.

Statistics:

  • US$44.87 million: The total value of bilateral trade between Taiwan and Lithuania for the first quarter of this year, a year-on-year increase of 30%.
  • 63%: The significant increase in Lithuanian exports to Taiwan for the first quarter of this year.
  • 100: The number of Lithuania-related business events and activities held by the Taiwanese Representative Office in Lithuania since its establishment.
  • US$ million: The unit of measurement for bilateral trade between Taiwan and Lithuania.
  • First Quarter: The period of time during which bilateral trade between Taiwan and Lithuania increased by 30% year-on-year.
  • May 25: The date of the First Lithuania-Taiwan Economic Dialogue held in Vilnius, Lithuania.

Sources:

  • Republic Of China Taiwan

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