Interview: Liechtenstein aims to strengthen ties with China -- PM

VADUZ, Liechtenstein, June 6 (Xinhua) -- Liechtenstein's newly elected Prime Minister Daniel Risch vowed to carry out more bilateral exchanges and economic cooperation between the principality and China.

Liechtenstein and China established bilateral relations more than 70 years ago. "Many Liechtenstein companies are already active in China, some of which like Hilti or Neutrik are world market leaders in their niche and are active in China," Risch said during an exclusive interview with Xinhua in the capital Vaduz.

"We are of course interested in further strengthening our relationship with China," he said, noting that there is untapped potential in bilateral ties, especially in the area of economic cooperation.

"The market share of exports has been growing in recent years. We really look forward to even more increases with China and the East Asia market," he said.

When asked about his view on China's economic development and its achievement in eradicating absolute poverty last year, Risch said China's development in the past decades is impressive, and he expects China to look to Liechtenstein and other parts of Europe for possibilities.

Liechtenstein's industry is heavily export-oriented and focuses on high-quality goods and services. Manufacturing, machine and plant construction, precision tools, dental instruments and food are the main areas of activity.

"As a matter of fact, Liechtenstein will never be able to impress by its size, but by its quality and by its output," he said.

Risch put the pandemic fight among the top priorities on his political agenda. "It was in February when we were elected as a new government, and like all the governments in the world we are working on the pandemic and overcoming the pandemic. That is one main focus," he said.

"The new government is also working on topics like demographics, on digitization initiatives and for sure what's very important for us is political stability," said Risch.

Liechtenstein, which is doubly landlocked and nestled between Switzerland and Austria, is one of the wealthiest nations in the world and home to about 38,000 people. It's the fourth-smallest country in Europe with a total area of 160 square kilometers.

The nation has a customs union with Switzerland, and therefore, the free trade agreement between Switzerland and China which entered into force in 2014 also applies to Liechtenstein.

Known around the world as a financial center, Liechtenstein uses the Swiss franc as its official currency and has direct access to the European Single Market and the Swiss Market.

Risch assumed office on March 25 and previously served as deputy prime minister and minister of infrastructure, economic affairs and sports from 2017 to 2021.