Taipei, June 13 (CNA) The National Development Council (NDC) on Monday approved a plan to establish an "Asian Silicon Valley" in Taoyuan in northern Taiwan.

The NDC, which approved the plan during a committee meeting, said it will submit the plan to the Executive Yuan for approval and for the Executive Yuan to set a budget for the plan before it is launched.

The planning agency was unable, however, to provide an estimate of the size of the budget that will be needed to get the project going or explain how existing budgets would have to be adjusted.

The "Asian Silicon Valley" initiative aims to facilitate partnerships between Taiwanese companies and companies in Silicon Valley in the United States with high potential, the NDC said.

It also aims to build Taiwan into a research and development center for Internet of Things (IoT) technologies, an Asia-Pacific youth innovation hub and an initial public offering center for young people, according to the council.

It will achieve these goals by creating a thriving innovation ecosystem, building smart cities and smart services, drawing more foreign investment and talent to Taiwan, and building Taoyuan into an innovation hub, the NDC said.

Under the "Asian Silicon Valley" plan, a new 21-hectare industrial park will be created and geared primarily toward the IoT sector, with a production value goal of NT$1 trillion (US$30.86 billion) per year.

The plan was a campaign promise of Taiwan's new president, Tsai Ing-wen (蔡英文), who hoped the plan can support Taiwan's industrial transformation and help domestic businesses adapt to the changing global market.

(By Chen Cheng-wei and Christie Chen)
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