At the Cabinet's weekly meeting Thursday, Premier Cho Jung-tai was briefed by the Ministry of Economic Affairs on a new program to support and grow micro-, small and medium-sized enterprises (MSMEs). The premier said that, building on the existing MSME Diversified Revitalization and Development Plan, the enhanced program will provide for an additional NT$100 billion (approximately US$3.2 billion) in investment over eight years to accelerate the transformation and upgrading of MSMEs.
Highlighting the role of MSMEs as a bedrock of Taiwan's economic growth and social stability, Premier Cho said that the program will extend government support to a broader range of businesses while providing more in-depth assistance. It will also update the Act for Development of Small and Medium Enterprises to create legislation covering the upgrading and transformation of MSMEs, and adopt enhanced support strategies and expanded tax incentives to expedite the sector's transformation and upgrading, thereby fostering growth and prosperity across Taiwan's industries.
The premier stressed that the program will expand its support to cover 1.029 million micro-sized businesses; improve the physical infrastructure and consumer environments of commercial districts, traditional markets and night markets; and help individual vendors and stalls upgrade their operations. He noted that, in addition to the three existing strategies of the MSME Diversified Revitalization and Development Plan—digital transformation, net-zero transition and channel development—two new strategies will be added to the new program: cluster-based prosperity and elevating startups. The government will also further strengthen complementary measures under the program, including enhanced tax incentives.