Lithuania, a country in the Baltic region of Europe. It’s one of three Baltic states and lies on the eastern shore of the Baltic Sea. Lithuania is becoming a solid hot spot of fintech companies in Europe having more than 200 fintech companies established in Vilnius alone. Other growing industries in Lithuania would be deep tech, life sciences, mobility, and the game industry. The startups in Lithuania are also growing rapidly, they are now valued at more than 7.1 billion euros, with the turnover and export of startups having grown by more than 30% in 2021 compared with the previous year. Lithuania is inherently a small market; therefore, ambitious startups rarely consider the country their main market and develop their business to meet global demands right from the start. Taiwan and Lithuania relationship have grown closer since 2021, it can be proven by how many MOU they have signed, how they collaborated with each other, and established partnerships, take a closer look to their relationship:

Taiwan-Lithuania signed MOU on innovative startup cooperation

Taiwan’s Startup Terrace village on May 28 2022, signed a memorandum of understanding (MOU) with a Lithuanian counterpart to share resources and build closer links, according to the Ministry of Economic Affairs (MOEA). The MOU was inked between Lithuania’s Public Institution Innovation Agency and Startup Terrace, the largest startup village in Taiwan to expand bilateral trade and economic ties. The two innovation startup groups have shouldered the responsibility, on behalf of their governments, to create an innovation ecosystem and open a channel for such exchanges. The agreement is expected to lay a foundation for Taipei (Taiwan) and Vilnius (Lithuania) to facilitate exchanges, share resources and strengthen their friendship.

Taiwan-Lithuania Business Club launched in Taipei

Taiwan’s Chinese International Economic Cooperation Association (CIECA) launched the Taiwan-Lithuania Business Club on September 15 2022, with Lithuanian and Taiwanese dignitaries and business delegations in attendance which was sponsored by the Ministry of Economic Affairs’ Bureau of Foreign Trade. The club was founded to explore the potential of Lithuanian innovation and to cement partnerships in investment, trade and industry. Ministry of Foreign Affairs MOFA also announced Lithuania Lifestyle Festival to promote products from 12 of Lithuania’s lifestyle companies, as well as featuring the signing of a Memorandum of Understanding between the MOFA Department of International Cooperation and Economic Affairs (ICEA) and Lithuania’s Public Institution Rural Business and Markets Development Agency (LitFOOD) on Sept. 16.

Taiwanese Blockchain Company Joins Lithuania’s Fintech Ecosystem

XREX, a Taiwanese blockchain Fintech company, has chosen Lithuania as its entry point to the EU market. After recently becoming a crypto asset service provider in Lithuania, the company plans to entrust operations, AML, and other functions to its Lithuanian office. According to Lithuanian Minister of the Economy and Innovation, XREX entering the Lithuanian market represents an important step forward in strengthening ties with Taiwan. XREX’s activities in Lithuania are set to be the foundation of the company’s European presence. With the EU’s emerging crypto regulation, XREX will continue to invest in ensuring its operations in Lithuania and the larger EU are compliant with the most stringent AML/CFT standards.

Lithuania’s ties with Taiwan will Pay High-tech Dividends

Lithuania’s prime minister has high expectations that her country’s budding ties with Taiwan will lead to significant industrial synergies, including in fields such as semiconductors and lasers. Lithuania has made a point of reaching out to Taipei, where it opened a trade representative office earlier this year. Prime Minister Ingrida Simonyte told Nikkei Asia in an interview on Friday in Tokyo that this was part of a push by her government to strengthen relations in the Indo-Pacific region.

Taiwan’s Economic & Technological Cooperation with Lithuania Heating Up

A Lithuanian delegation is visiting research institutes as well as laser technology and biotechnology companies in Taiwan to seek economic and technological cooperation. Lithuania leads globally in laser technology – an advantage complementary to Taiwan’s machinery manufacturing capability, since laser technology is crucial to semiconductor manufacturing equipment, micro LED chips and medical instruments. Under the Taiwan government’s arrangement, Taiwan Laser Technology Application Association, Taiwan Medical and Biotech Industry Association as well as Taiwan-based enterprises engaged in laser and biotechnology including Contrel Technology, Shuz Tung Machinery Industrial, E&R Engineering and Brain Navi Biotechnology have face-to-face discussed possible cooperation with 15 Lithuania-based companies. In particular, Brain Navi hopes to use laser technology developed by Lithuania-based Light Conversion in developing therapeutic technology for tumors.

Lithuanian Delegation in Taiwan Searched for New Business Niches 

A delegation of representatives of the Ministry of the Economy and Innovation and business discussed cooperation projects, visited science and research centers and explored new business niches with local authorities, academia and business in Taiwan. Lithuania has reasonable expectations to cooperate with Taiwan in high-tech areas, in ecosystems of semiconductors, laser technologies, information communications, biotechnology, and start-ups in particular. Lithuania would like to develop not only trade relations with Taiwan, but also to jointly develop technologies and products in the fields of life sciences and biotechnology, which we could then jointly commercialize and sell on global markets. The Lithuanian delegation visited Semicon Taiwan, an exhibition of semiconductor and microelectronics technologies, and the Innovation Agency signed a Memorandum of Understanding (MoU) with Taiwan External Trade Development Council (TAITRA).

Taiwan has been included in Lithuania’s priority markets for innovation cooperation and exports, as well as in the priority markets for foreign direct investment. Taiwan is also drawn to Lithuania’s laser technology which complements Taiwan’s machinery – an advantage complementary to Taiwan’s machinery manufacturing capability, since laser technology is crucial to semiconductor manufacturing equipment, micro LED chips and medical instruments, while Lithuania is interested in high-tech areas, in ecosystems of semiconductors, laser technologies, information communications, biotechnology, and start-ups. Lithuania also invites foreign startups to experience the booming startup ecosystem of Vilnius, Lithuania’s capital city and main startup hub. This would be an amazing moment to have the opportunity for tech companies and start-ups from Taiwan to have partnership with Lithuania’s and have their innovation realized!

Author: Charles Kurniawan