Taiwan and Lithuania will create a USD 1 billion credit program to finance joint ventures against a backdrop of a diplomatic row between Vilnius and Beijing over the former's relation with Taipei, reported Sputnik.
With an aim to finance joint ventures, Taipei and Vilnius will create a USD 1 billion credit program, Taiwanese Minister of National Development Kung Ming-hsin made the announcement on Tuesday.
Taiwan last week had also announced establishing a USD 200 million fund to invest in Lithuanian industries during a press conference with Lithuanian Economy and Innovation Minister Ausrine Armonaite, according to Sputnik.
It came as Lithuanian companies have been facing difficulties at Chinese ports as the Communist regime reportedly removed the name of the Baltic nation from its customs system. Due to the move, a large number of Lithuanian exports are stranded in Chinese ports, concerning businessmen for the uncertain future of their consignments. Lithuania is being targeted by Beijing in recent months as the former nation has allowed Taiwan to open its representative office in Lithuania. The representative office of Taiwan acts as an embassy.
The Lithuanian move triggered China and it received massive threats from Beijing as China claims sovereignty over Taiwan despite the island being an independent country in the world.
( With inputs from ANI )
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