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Lithuania's Teltonika sets domestic chip production goal under Taiwanese deal

Lithuania's Teltonika sets domestic chip production goal under Taiwanese deal
By Reuters
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By Andrius Sytas

RIGA -Lithuanian tech firm Teltonika aims to launch domestic semiconductor production in 2027 using Taiwanese technology, it said on Wednesday, as a minister outlined ambitions for the EU state to become a major global player in the sector.

Taiwan has promised to help Lithuania withstand economic pressure imposed by China since the Baltic country allowed Taiwan to open a de-facto embassy in Vilnius in November 2021.

Teltonika said the 2027 production target was part of a cooperation agreement with Taiwan's Industrial Technology Research Institute, valued at 14 million euros ($15.2 million) including a 10 million euro grant from Taiwan's foreign ministry.

"This partnership with Taiwan will help Lithuania to move forward rapidly, match the world's strongest players and realise its ambitious goals," Economy and Innovation Minister Ausrine Armonaite said.

China, which considers self-governed Taiwan as its own territory, downgraded diplomatic ties with Lithuania, disrupted trade and pressured multinationals to remove it from its supply chains after the representative office in Vilnius opened.

The European Union has since launched a World Trade Organization challenge against China, accusing it of discriminatory trade practices against a member state.

Lithuania's trade with Taiwan rose by around a third in 2022.

In other recent bilateral deals, solar power module producer SoliTek on Wednesday announced 8 million euro ($8.7 million) credit from Taiwan's Eximbank, and biotech startup Oxipit a 3.5 million euro ($3.8 million) investment from venture fund Taiwania Capital, local newswire BNS said.

($1=0.9223 euro)

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