Taiwan has established a new fund to support the development of five strategic industries, including defence, the government has confirmed.
The industrial innovation and transformation fund will receive TWD100 billion (USD3.3 billion) and is aimed at stimulating growth in sectors comprising defence, alternative energy, biotechnology, smart machinery, and establishing in the country an "Asia Silicon Valley".
According to the government, the fund aims to support private-sector expansion in the five industries as well as promoting innovation and the transformation of state-owned industries into more market-driven entities through mergers and acquisitions, spin-offs, and restructuring.
The ultimate goal is to drive capability advancement, create job opportunities, boost exports, and support the development of Taiwan's economy.
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