A business matchmaking event between Taiwan and Lithuania on Tuesday resulted in signed and potential orders worth a total of US$25.88 million, according to the Taiwan External Trade Development Council (TAITRA).

The trade event saw 60 Taiwanese and 18 Lithuanian companies in various sectors including manufacturing, logistics and food industries either sign deals or consider future orders, TAITRA said in a press release.

The Lithuanian businesses include shipping company Limarko Shipping, furniture manufacturer VMG Group, electrical equipment manufacturer Harju Elekter, and technology firm BOD Group, TAITRA said.

Among the Taiwanese products they ordered are mechanical equipment, container ships, solar power panels, and smart software, it said.

On the Taiwan side, machine tool company Ying Han Technology Co., for instance, attracted a lot of interest from Lithuanian buyers during the event and said it hoped to take advantage of the opportunity to explore the European market, according to TAITRA.

In separate news, the Industrial Technology Research Institute said Tuesday that it and Lithuania plan to establish a renovation and development center for ultrafast laser technology later this year in the southern Taiwanese city of Tainan.

As the Baltic state is strong in the field, it is hoped that the partnership could facilitate the industrial transformation of relevant businesses in Taiwan, according to the Ministry of Economic Affairs (MOEA), which has been supporting the project.

The two countries also inked a memorandum of understanding (MOU) on laser technology cooperation earlier this month during the Taiwan-Lithuania Economic Dialogue held in Taipei, the MOEA said.

According to an MOEA release, the laser technology MOU is aimed at generating business opportunities for high-tech industries on both sides.

Bilateral economic and trade ties between Taiwan and Lithuania have developed rapidly since the Taiwanese Representative Office in Lithuania was set up at the end of 2021, followed by the inauguration of the Lithuanian Trade Representative Office in Taiwan last November, the release said.

Source: Focus Taiwan News Channel