The 2nd Taiwan-Lithuania Economic Dialogue was held on Feb. 20, 2023, at the Ministry of Economic Affairs and was co-chaired by Deputy Minister of Economic Affairs Chern-Chyi C.C. Chen and Lithuanian Vice-Minister of Economy & Innovation Karolis Zemaitis.
Following the bilateral meeting, the two sides inked a memorandum of understanding on laser technology cooperation. Speaking at the signing ceremony, MOEA Minister Mei-Hua Wang said that Taiwan-Lithuania industry cooperation has already begun to achieve fruitful results and that the new MOU will help generate important business opportunities for high-tech industries of both sides.
The Economic Dialogue included discussions on a range of issues under the broad themes of diversification of supply chains, green transition and digital transformation, as well as economic policy dialogue between the two deputy ministers to coordinate the direction of bilateral cooperation.
In his opening remarks, Deputy Minister Chen said that amid ongoing global economic challenges stemming from the COVID-19 pandemic, the conflict in Ukraine, and the U.S.-China tech and trade war, Taiwan will continue to enhance its cooperation with like-minded countries in order to strengthen the resilience of democratic supply chains. He added that Taiwan has already achieved concrete results in its cooperation with Lithuania in a range of sectors, including semiconductors, lasers, and startup development.
For his part, Vice Minister Zemaitis said that Lithuania's economic resilience has been demonstrated by the record high level of foreign direct investment it has attracted and by export growth of more than 30 percent in the past year despite many challenges, including the energy crisis brought about the conflict in Ukraine. He stressed that Lithuania attaches great importance to its cooperation with Taiwan and that the goal over the coming years is to accelerate ongoing collaborative initiatives and expand cooperation into new areas while also focusing on generating bilateral business opportunities.
Vice Minister Zemaitis is visiting Taiwan for the second time in less than half a year. His current delegation includes representatives of over 30 companies, making it the largest ever Lithuanian business delegation to Taiwan. For the visit, the MOEA has helped arrange the 2023 Lithuania Business Day and a Lithuania Investment Opportunities Seminar that includes business matching meetings with Taiwanese enterprises.
Besides the laser tech MOU, under which the two sides will jointly set up an R&D and innovation center in Taiwan, two additional MOUs are being signed during the visit, including between the Lithuanian Confederation of Industrialists (LPK) and the Chinese National Association of Industry & Commerce, and between the LPK and the Chinese National Federation of Industries, with the aim of promoting bilateral exchanges and exploring industry cooperation opportunities.
Bilateral economic and trade ties between Taiwan and Lithuania have been developing rapidly since the Taiwanese Representative Office in Lithuania was set up at the end of 2021, which was followed by the inauguration of the Lithuanian Trade Representative Office in Taiwan last November.