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Honduras's Foreign Minister Eduardo Enrique Reina arrives at the ninth Summit of the Americas, in Los Angeles, California, U.S., June 8, 2022. Reuters

Honduras' decision to seek official relations with China and cut them with Taiwan on Tuesday was about "pragmatism, not ideology," driven by rising debt and investment needs, Honduran Foreign Minister Eduardo Enrique Reina said on Wednesday.

China does not allow countries to hold diplomatic ties with both itself and Taiwan as it claims Taiwan as its own territory with no right to state-to-state ties, which Taiwan disputes.

Speaking on local television, Reina said Honduras was "up to its neck" in financial issues and debt - including the $600 million it owes Taiwan - and this had partly motivated Honduras' decision to open relations with China.

Total external debt for Honduras stood around $8 billion in the third quarter of 2022, according to the finance ministry.

"The global situation is complicated, we need to open up," Reina said. "We need investment, we need cooperation."

Honduras' decision puts pressure on Taiwan ahead of a visit by Taiwan President Tsai Ing-wen to the U.S. and Central America.

Reina added Honduran officials were likely to meet their Chinese counterparts in the coming days to formalize the relationship, having already contacted the Chinese ambassador in Costa Rica to begin talks.

The decision came after conversations with the U.S. and Asian allies, according to Reina, adding he wanted to strengthen ties with the U.S. and others.

However, the move is likely to harm the relationship with the U.S., Honduras' top trade partner, Honduran lawmaker Tomas Zambrano said on local television.

The U.S. State Department did not immediately respond to a request for comment.

U.S. Republican senator Bill Cassidy said on Twitter Honduras was moving "closer to communist China while the world is moving away," adding "the Honduran people will suffer."

The U.S. only has formal diplomatic ties with China and not with Taiwan, but is Taiwan's most important international backer and arms supplier.

Honduran President Xiomara Castro had floated the idea of cutting ties with Taiwan and opening them with China during her presidential campaign, but said last year she hoped to maintain ties with Taiwan.

The decision to move away from Taiwan will leave the island with just 13 diplomatic allies.

Reina added in a separate interview with a local radio station that Honduras aims to have a "top-level" relationship with China and to "advance as quickly as possible."

Honduras intends to keep trade ties with Taiwan, however, Reina added during his television appearance.