Taiwan announces first investment in Lithuania

China, which claims democratically ruled Taiwan as its own territory, has downgraded diplomatic relations with Lithuania and pressured multinational companies to sever ties with the Baltic nation of 2.8 million people.

Taiwan's National Development Fund will invest 3.5 million euros ($3.50 million) in Lithuanian tech company Litilit, the head of the Taiwanese representative office in Vilnius said on Monday.

Two more investments in Lithuania will be announced later this year or by early 2023 to bring the total to 10 million euros, Taiwan announced. The Litilit investment was the first made by Taiwan's $200 million Central and Eastern Europe Investment fund, set up after Lithuania allowed self-governed Taiwan to open a de-facto embassy on its soil last year, angering China.

The equity fund focuses on Lithuania, Slovakia and the Czech Republic. China, which claims democratically ruled Taiwan as its own territory, has

downgraded diplomatic relations with Lithuania and pressured multinational companies to sever ties with the Baltic nation of 2.8 million people. ($1 = 1.0004 euros)