The Cabinet said on Wednesday that land for developing a biotech park in Taipei's Nangang District had been secured after the Ministry of National Defense agreed to relocate an armament factory from the site.
Chinese-language news reports said that the ministry would provide 25 hectares of land for Nangang Biotech Park (南港生技園區).
The land will be ready for development by 2012, the reports said, without citing sources.
Academia Sinica will invest NT$15 billion (US$457.41 million) in the park for research on genetics, translational medicine and new drugs, with a focus on clinical experiments, the reports said. The National Science Council plans to spend NT$12.1 billion on infrastructure and an incubation center.
The government is accelerating the development of the biotechnology and pharmaceutical industry, in the hope that it will generate more than NT$1 trillion in output value per year.
The legislature last month passed the Biotechnology and New Pharmaceutical Development Act (
The government is also planning two other biotech industrial zones, one in Hsinchu and another in Kaohsiung.