As the global economy undergoes a digital transformation during the pandemic, the NDC sets to put innovation in Taiwan at the forefront of virtual adoption.
As the global economy undergoes a digital transformation during the pandemic, the National Development Council (NDC) of Taiwan has revealed their commitment to become the vanguard of innovative change. The NDC plans to achieve this goal by adapting and initiating the Six Core Strategic Industries initiative and the Asia Silicon Valley Development Plan (ASVDP).
The initiative has attracted the international market, convincing major corporations including Google, Amazon AWS, and Microsoft to build centres for innovation and R&D on the island.
The Six Core Strategic Industries initiative aims to transform Taiwan into an influential participant in the global economy by developing the following sectors: information and digital industries, cybersecurity industry, precision health industry, green and renewable energy industry, national defence and strategic industries, and strategic stockpile industries. Six Core, which was first announced by President Tsai Ing-wen in 2020, builds on the foundations of the 5+2 Innovative Industries Program to seize industrial opportunities in the post-pandemic era created by the reorganisation of the global supply chain.
To facilitate the process, the NDC will collaborate with other ministries to implement an effective strategy that involves establishing a Taiwanese brand, providing flexible and diversified financial support, creating a safe industrial development environment, and recruiting and cultivating bilingual professionals and digital talents.
Moreover, the NDC has stressed the importance of improving long-term care, childcare, and housing justice to encourage the development of both the society and industry, recognising the correlation between the two sectors. The Taiwanese Government also plans to promote the New Southbound Policy, which would allow foreign cities and industrial parks in the region to establish mutually beneficial models for cooperative development.
The NDC currently expects Taiwan to reach the economic growth rate of 2.6 – 3.4% over four years with unemployment kept below 4% by implementing its strategy.
Regarding the ASVDP, which has shown great results for Taiwan since its initial launch in 2016 by digitising Taiwanese industries and creating international linkages, the NDC recently updated the program to place the country in a more advantageous position in the global arena.
The ministry formulated the ASVDP 2.0 after collecting suggestions from nearly 100 startups and evaluating global industry trends. Through the implementation of the updated initiative, the NDC expects to help 200 startups and facilitate the diversified exits of 40 startups, eventually to reach 5% of global IoT share by 2025.
To encourage free flow of creativity, the NDC has worked with the Immigration Agency to resolve previous visa rules, promoting the relocation of foreign professionals to Taiwan. For local entrepreneurs, the Asia Silicon Valley Academy was set up, in collaboration with major international companies, including Google and Microsoft, which will offer courses covering AI, big data, IoT, innovation, and entrepreneurship.
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