Taiwan eyes talent, funding cooperation with Japan to boost innovation

Taipei, Sept. 17 (CNA) Taiwan hopes for increased cooperation with Japan in multiple areas including talent cultivation and funding to push for innovation, Paul Liu (劉鏡清), head of the National Development Council (NDC) said Tuesday, calling for Japanese firms to invest in Taiwan.

In a statement, the NDC said Liu spoke at a joint news conference held Tuesday by the Japan National Press Club in Tokyo, touting Taiwan as a destination for Japanese investors, in particular in the semiconductor industry where both sides complement each other.

Citing international tech giants such as U.S.-based artificial intelligence chip designers Nvidia Corp. and Advanced Micro Devices, Inc. (AMD), which recently announced their intention to establish research and development centers in Taiwan, Liu said it is the right time to invest in Taiwan.

The cooperation between Taiwan and Japan is expected to create a strong partnership that will seize business opportunities on global markets, according to the NDC, the top economic planning body in Taiwan.

Liu, who is heading a delegation of representatives from almost 50 innovation start-ups in Taiwan to a Taiwan-Japan start-up summit in Tokyo, said in a bid to strengthen bilateral collaboration to advance innovation technologies and set up an innovation start-up ecosystem, the two sides should focus on how to solicit international funds, cultivate a talent pool, connect to global markets and develop Deep Technology (Deep Tech).

Deep Tech refers to the field of highly sophisticated technology rooted in advanced scientific principles and engineering innovations.

With Taiwan and Japan placing much emphasis on innovation development in their respective economies, both sides have set up a model to attract funds across their borders, Liu said, adding that Taiwan has signed a memorandum of understanding (MOU) with Kyoto University Innovation Capital Corp., funded by Kyoto University, to seek start-ups to pour funds into.

In terms of talent cultivation, Liu said Taiwan has worked with the Japanese industry sector to develop high-end technologies and hopes to expand such cooperation into talent exchanges.

Taiwan's industrial sector has laid a solid foundation in semiconductor and AI development, and it is expected Taipei and Tokyo will be able to jointly develop AI, robots and Deep Tech to address the impact resulting from an aging society, Liu said.

As for how to connect with international markets, Liu said, the NDC has launched the "Bridge" program to provide assistance to Taiwanese start-ups. He said Tokyo is the first stop for the program which will set up an innovation hub on Wednesday.

According to the NDC, the innovation hub is expected to serve as a regular bilateral platform for comprehensive exchanges between Taiwan and Japan, in sharp contrast to previous random events, thereby paving the way for greater substantive business cooperation.

Through the innovation hub, Liu said, innovation start-ups from Taiwan and Japan will be able to extend their reach via exchanges and joint efforts to create more business opportunities.

In addition to Tokyo, the NDC is planning to set up similar start-up innovation hubs in the United States and Southeast Asia.

Taiwan has entered an era of massive investments with private investment forecasts will top NT$5 trillion (US$156.5 billion) in 2024, Liu said.

Taiwan's government has also encouraged the insurance industry to bring funds back to the home market for investment, while setting a goal of US$5 billion in innovation investment a year, Liu added.