TAIPEI (Taiwan News) — Taiwan will set up a US$200 million (NT$5.51 billion) fund to invest in Lithuania’s economy, representative in Vilnius Eric Huang (黃鈞耀) said Wednesday (Jan. 5).
China targeted the Baltic democracy with sanctions after it allowed Taiwan to open a representative office using its name, while previously, other offices in Europe only used the name “Taipei.”
Huang’s announcement followed comments by Lithuanian President Gitanas Nauseda expressing regret at the government’s decision to allow the name “Taiwan,” describing the worsening relations with Beijing as the consequences of a “mistake.”
Huang told an online news conference that Taiwan’s National Development Fund would provide the money for the strategic investment fund with support from the Central Bank, CNA reported.
Addressing the president’s remarks, a spokeswoman for Lithuania’s Foreign Ministry said the Baltic nation would stand by its decision to allow Taiwan to use its name for the representative office. She emphasized the values of democracy and human rights both countries shared, adding Lithuania looked forward to the deepening of exchanges in areas from trade to scientific research and culture.