VILNIUS, Lithuania—Taiwan will set up a $1 billion credit program aimed at funding projects by Lithuanian and Taiwanese companies amid economic pressure from China over an office that the island opened in the European Union country, Lithuanian officials said Tuesday.
Lithuania broke with diplomatic custom by agreeing that a Taiwanese representative office in its capital of Vilnius—a de facto embassy—would bear the name Taiwan instead of Chinese Taipei, which other countries use to avoid offending Beijing. China considers Taiwan part of its territory with no right to diplomatic recognition.
“It is very good news. I think Lithuania can be assessed as a potential investment site for the semiconductor industry,” Lithuanian Minister for Economy and Innovation Ausrine Armonaite told reporters after an online meeting with Minister Kung Ming-Hsin of the National Development Council of Taiwan.
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