BioMed Taiwan

The five-plus-two innovative industries initiative has achieved fruitful results amid geopolitical challenges such as the U.S.-China trade friction and the COVID-19 pandemic over the past few years, according to the Cabinet-level National Development Council Jan. 17.

The initiative’s Asia Silicon Valley Development Plan helped drive the output value of the Internet of Things sector to over NT$1 trillion (US$33 billion) for the first time in 2018, the NDC said, adding that the value may have exceeded NT$2 trillion (US$66 billion) in 2022.

According to the NDC, fueled by the pandemic, the biotechnology industry reached more than NT$1 trillion (US$33 billion) in total market capitalization in 2020. Following the implementation of the Smart Machinery Development Program, the machinery sector has been valued at over NT$1 trillion (US$33 billion) since 2017, the council said.

Since the government began promoting green energy, solar and wind power capacities in Taiwan have increased to 9,157 MW and 568 MW, respectively, the NDC said. The country’s energy transition plan is expected to attract a total of NT$1 trillion (US$33 billion) in related investment, the council added.

Taiwan is committed to cementing its position in the global economy, the NDC said, adding that the government will continue to fast-track development of the country’s economy and key industries going forward.

A key plank in the government’s national development strategy, the initiative targets the high-growth sectors of biotech, green energy, national defense, smart machinery and Internet of Things, while promoting the circular economy and a new paradigm for agricultural development. (DL-E)

Date: 2023-01-18
Source: Taiwan Today