The Ministry of Economic Affairs (MOEA) announced yesterday that it will earmark NT$400 million (US$13.11 million) this year to promote a government plan aimed at upgrading traditional industries.
In addition to continuing existing subsidies for new product development, the project will offer funding in two additional areas — joint R&D and product design — an official of the ministry’s Industrial Development Bureau said.
Since its launch in 2001, the plan to encourage domestic traditional industries to develop new products and technologies has borne fruit, the official said.
Last year alone, 3,098 new articles and 8,968 derivative products were successfully developed, while technological transfers numbered 530, the official said, adding that government subsidies for last year amounted to NT$367 million and spurred manufacturers to invest NT$405 million in R&D and innovation projects.
During the first five months of the year, the number of manufacturers dedicated to various innovation and R&D projects hit a new high of 716, up 30 percent year-on-year, the official said.
Currently, there are 65,000 traditional factories in Taiwan, which account for 85.5 percent of the manufacturing sector, the official said.
Annual output value of the traditional industries stands at NT$9.27 trillion, accounting for 66.4 percent of the manufacturing sector’s total production, he said.