Taiwan and St. Lucia have signed an agreement to boost youth entrepreneurship and employment among the younger generation in the Caribbean country in the post-COVID-19 era.

Taiwan's Ambassador to St. Lucia Peter Chen (陳家彥) and St. Lucia Prime Minister Philip J. Pierre signed the letter of intent in the Caribbean nation on Monday that pledges 5.42 million Eastern Caribbean dollars (US$2 million) in support of the "Youth Economy" program led by the prime minister.

The agreement facilitates "the turning of hobbies into entrepreneurship and skills into business by providing finance, training, marketing, and mentoring to young people seeking self-sustainable employment," the St. Lucia government said in a statement.

At the signing ceremony, Pierre thanked Taiwan to realize its pledge to assist the youth and women in St. Lucia.

"The Youth Economy is one step in the pursuit of a dream to create a new economy based on technology, innovation, and entrepreneurship where young businesspeople will be participants and not merely observers," Pierre said.

Chen said the program is also aimed at female empowerment and social integration through economic development.

"Through the capacity building of aspiring entrepreneurs and enhancing business and employment as well as training opportunities in the post-pandemic period, Taiwan hopes to help dreams and aspirations become concrete and practical assets and goals," Chen said.

The St. Lucia government said the signing ceremony signalled the Pierre administration's commitment "to create an economy for the young."

St. Lucia is one of Taiwan's 15 formal allies in the world at a time when Beijing has stepped up pressure to diplomatically isolate Taipei.