Finance Minister Gintare Skaiste said the money will help businesses boost their competitiveness and diversify markets.
The Minister told the Cabinet that 6 million euros will be allocated from the European Regional Development Fund to help promote business competitiveness despite the geopolitical tensions and the problems businesses are facing in China today.
She said the measure would aim at diversifying markets and finding other potential business partners that are facing problems with exports to China.
Economy and Innovation Minister Ausrine Armonaite said the measure includes 5 million euro for presenting companies' products abroad and 1 million euro for covering product certification costs.
The funds will help companies present their products abroad and participate in exhibitions and business missions, which is very important for businesses when looking for new partners and presenting their services and products in new markets, according to Armonaite.
She said that this is a small amount of money compared to the scale of the problem, but we hope it will help businesses looking for diversification opportunities.
Armonaite said the government is seeking the approval of the European Commission for a 130 million-euro package of working capital loans.
A company will have to repay the money within 12 months if it can take a loan of up to 5 million euro.
In response to Lithuania's move to deepen ties with Taiwan, including the opening of a Taiwanese representative office in Vilnius, China last autumn halted freight trains to Lithuania, stopped issuing food export permits, cut credit limits and raised prices for Lithuanian companies, and also removed Lithuania from its customs systems.
China is also pressing companies in other countries to stop using components made in Lithuania, according to media reports.