Taipei earlier this year promised to offer a 1-billion-US-dollar credit fund for Lithuanian-Taiwanese joint business projects and to set up a 200-million-dollar fund for investment in Lithuania's industrial sector.

"We may have more. After the donation of vaccines from Lithuania to Taiwan, the people started to realize that Lithuania has a great potential. Businesses are encouraged by the government to look for targets for investment," the foreign minister told Lithuanian journalists at a press conference.

"I think we are likely to come with more investment in Lithuania," Wu said.

"Taiwan is a democracy. We don't operate like China. We cannot grab one company and say, 'You have to invest there'. What we want to is to encourage them, make it convenient for them," he said.

Taiwanese businesses have identified several priority sectors, including the semiconductor industry, according to Wu.

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