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First Lithuania-Taiwan Economic Dialogue held in Vilnius
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2022-05-26 19:04
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The First Lithuania-Taiwan Economic Dialogue was held in the Lithuanian capital Vilnius on May 25, with Taiwan Deputy Minister of Economic Affairs Chern-Chyi "C.C." Chen and Lithuanian Deputy Minister of Economy and Innovation Jovita Neliupsiene co-chairing the event.

Taiwan delegates included officials from the Ministry of Economic Affairs' Bureau of Foreign Trade, Industrial Development Bureau, Small and Medium Enterprise Administration, Department of Investment Services and Department of International Cooperation, as well as representatives from the Industrial Technology Research Institute and Taiwan External Trade Development Council; while the Lithuanian delegation included officials from the Innovation and Industry Department, Economic Policy Department, External Economic Relations and Economic Security Policy Department, and the Adviser to the Minister.

In his opening speech, Deputy Minister Chen said this trip is his "second of journey of discovery" to Lithuania following a visit last October, adding that Taiwanese enterprises' interest in building more partnerships with Lithuanian firms has already increased markedly. In recent years, he said, the world has been facing increasing challenges, including the impact of Sino-U.S. trade frictions, the ongoing global COVID-19 pandemic, and the Russian invasion of Ukraine, all of which have accelerated geopolitical changes and brought about tremendous transformations in international trade and global supply chains. Amid these changes, Taiwan and Lithuania, as like-minded partners with the shared values of democracy and freedom, have been actively engaging in close exchanges and working toward enhancing their cooperative relations, the Deputy Minister said.

Also speaking at the opening, Vice Minister Neliupsiene warmly welcomed Deputy Minister Chen's delegation and pointed out that the holding of the 1st Economic Dialogue is of great significance. Noting that Lithuania is a leader in laser technology, life sciences and the startup sector, she said there are many opportunities for win-win cooperation with Taiwan industry, expressing the hope that the launch of the new official bilateral dialogue platform marks a milestone in advancing such collaboration between the two sides based on mutual trust.

During the two-and-a-half meeting, 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 that 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 in November last year marking an important milestone in the 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. Two-way trade is expected to continue expanding at a brisk pace as the bilateral partnership grows closer.
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Update: 2020-04-23
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