“The agreements between Lithuania and Taiwan pave the way for the development of the semiconductor industry and further development of Lithuania's laser sector. Hopefully, new permits for Lithuanian agricultural and food products will significantly boost exports to Taiwan. There is also great potential to further develop economic ties with Taiwan," said the Minister of Foreign Affairs of Lithuania Gabrielius Landsbergis.
According to the Foreign Minister, the new agreements between Lithuania and Taiwan show that the Government’s chosen direction of strategic diversification and deepening cooperation with the Indo-Pacific region proved successful and opens up great opportunities for Lithuanian business.
On 17 August 2022, the Lithuanian Government's Commission - the Economic Diplomacy Council - approved priority export, investment and inbound tourism markets, including Taiwan. In 2021, trade in goods between Lithuania and Taiwan grew by 31 per cent, reaching EUR 111.4 million, of which exports to Taiwan amounted to EUR 21.8 million and increased by 14 %. There is also a positive export dynamic this year. During January-August this year, exports to Taiwan grew by 33 per cent, from EUR 15 million to EUR 19 million, compared to the same period last year. 79 % of all exports to Taiwan were of Lithuanian origin.
Exports of Lithuanian goods to ten countries of the Indo-Pacific region (Australia, Japan, India, South Korea, Singapore, Indonesia, Taiwan, Vietnam, Malaysia and Thailand) increased by 60 % in January-August 2022, compared to the same period last year and reached EUR 502 million.
