The government is sparing no effort in fast-tracking Taiwan's industrial transformation by assisting local firms improve digital and smart manufacturing capabilities, according to Vice President Chen Chien-jen during the opening of the Intelligent Asia Exhibition Aug. 21 in Taipei City.
Under the government's five-plus-two innovative industries initiative, Taiwan's machinery sector posted record output of NT$1.18 trillion (US$37.62 billion) in 2018, up 7.3 percent year on year, Chen said.
This positive result is to be further advanced by recently passed amendments to the Statute for Industrial Innovation, Chen said, adding that they are expected to lift investment in locally made equipment by NT$1.4 trillion over the next four years.
According to Chen, the government has implemented three major projects offering tailor-made services to Taiwan-headquartered firms operating on the other side of the strait. These are anticipated to mitigate any fallout from U.S.-China trade friction while encouraging such companies to shift production home, he said.
As of Aug. 15, a total of 111 firms made homebound investment commitments of NT$540 billion, Chen said. This is expected to create 47,000 new job opportunities and significantly spur economic growth, he added.
Chen said a host of other complementary government initiatives targeting Taiwan's small and medium enterprises, which account for 97 percent of the local business sector, are in the pipeline.
One of the standouts involves a team of academic and industrial experts in intelligent manufacturing conducting on-site visits and offering professional advice. The team has offered such services benefiting 591 SMEs, as well as assisting 125 in better accessing government support.
Equally praiseworthy is a project delivering total solutions to machinery industry firms seeking to upgrade production lines, Chen said. Upon completion in 2020, related sector output is forecast to gain NT$6.2 billion over three years, he added.
Running through Aug. 24, the exhibition features more than 1,100 firms from home and countries such as China, Denmark, Germany, Japan and the U.S. showcasing their latest offerings.
A key plank in the government's national development strategy, the five-plus-two innovative industries initiative centers on the high-growth sectors of biotech, green energy, national defense, smart machinery and Internet of Things, as well as promoting two core concepts: the circular economy and a new paradigm for agricultural development.