CNA file photo
Taipei, Sept. 8 (CNA) The Executive Yuan on Thursday approved a plan to establish an "Asian Silicon Valley" in Taoyuan in northern Taiwan.
The 8-year project aims to increase Taiwan's global Internet of Things (IoT) market share from 3.8 percent to 5 percent by 2025, with a production value of between NT$4.6 trillion (US$147 billion) and NT$9.5 trillion, according to the National Development Council.
It also aims to attract 100 new venture businesses to set up research and development centers in Taiwan and foster the establishment of three world-class systems integration companies in the country, National Development Council Deputy Minister Kung Ming-hsin (龔明鑫) said.
The Ministry of Science and Technology and the Ministry of Economic Affairs have set aside NT$11.3 billion in funds for the project in 2017, Kung said.
It is hoped that the plan will build Taiwan into a base for youth innovation and entrepreneurship in the Asia-Pacific region, and connect Taiwan with Silicon Valley and other world-renowned science and technology hubs, he said.
Kung said he hopes to incorporate the Silicon Valley culture of "tolerating mistakes" into the project, meaning that new venture creators do not need to pay back the funds they receive from the government if their investments fail, to encourage them to take risks.
Premier Lin Chuan (林全) expressed hope that the project will help Taiwan catch up with global trends in the fourth industrial revolution, and improve the country's overall economic structure, Cabinet spokesman Tung Chen-yuan (童振源) said at a press conference.
The "Asian Silicon Valley" plan was a campaign promise of President Tsai Ing-wen (蔡英文), who hopes the plan can support Taiwan's industrial transformation and help domestic businesses adapt to the changing global market.
(By Tai Ya-chen and Christie Chen)