The National Development Council (NDC) has yet to build an Asian Silicon Valley in Taiwan, but rejected criticism that it has been inactive.
The council, which is charged with coordinating government resources for the initiative and other industrial reform measures, is working on promoting the project and recruiting bidders to set up an execution center, it said in a statement yesterday.
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The center is the first step to realizing the initiative, which is one of the five innovative industries President Tsai Ing-wen (蔡英文) vows to build during her time in office.
The council is creating project offices in Taoyuan and Taipei, the statement said.
The government has approved plans to earmark NT$11.3 billion (US$359.09 million) next year as part of a four-year plan to turn the nation into a regional technology hub.
The execution center is to help the council coordinate and integrate proposals and resources and make sure things proceed as planned, the council said.
The statement came after local media dismissed the center as a four-month task force that might not achieve anything.
The center is intended to link up with Silicon Valley in the US and other global technology hubs to help make Taiwan an entrepreneurial base for young people to realize their innovations and ideas, council deputy director Kung Ming-hsin (龔明鑫) said last month.
The council plans to invite experts to establish and staff the center through an open tender, and published related qualifications and requirements last month in the hope it would start operations later this month.
The team would have to demonstrate management, communication and technology prowess, and possess expertise in the Internet of Things and other innovative fields, Kung said.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
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