TAIPEI (Taiwan News) — There is ample room for deeper cooperation between Taiwan and Lithuania, particularly in semiconductors, Lithuanian Deputy Economy Minister Karolis Zemaitis said recently.

Zemaitis emphasized that Lithuania's decisions are not influenced by other countries and said there is great momentum in bilateral collaboration, per CNA.

Taiwan’s Industrial Technology Research Institute (ITRI) and Lithuanian semiconductor company Teltonika signed a technology transfer agreement in January, which was a huge advancement in semiconductor cooperation, Zemaitis said. With Taiwan's assistance, Lithuania can achieve the goal of developing its own semiconductor industry, he said.

In the past year, ITRI, in partnership with the Lithuanian Laser Association and 14 Lithuanian companies, established an Ultrafast Laser Technology Research & Innovation Center in Tainan, combining Lithuania's advanced laser technology with Taiwan's manufacturing expertise to develop laser applications, the deputy minister said. Several Lithuanian business delegations have also visited Taiwan, he added.

The National Development Council launched a US$200 million (NT$6.49 billion) Central and Eastern Europe Investment Fund in March 2022 to promote investments, build business partnerships, and leverage supply chains between Taiwan and Central and Eastern European countries.

To date, Lithuanian solar energy company SoliTek, and Taiwanese companies Inventec, Giant, and Chimei Food have been approved for loans.

Taiwan set up a representative office in Vilnius in September 2022 and Lithuania followed suit with a trade office opening in Taipei two months later.