At the Cabinet's weekly meeting Thursday, the Ministry of Economic Affairs (MOEA) delivered a briefing on an initiative to promote the upgrade and transformation of industries and small and medium-sized enterprises (SMEs), one component of a larger special bill to boost economic and social resilience and share the proceeds of growth in the post-pandemic era. Premier Chen Chien-jen instructed the MOEA to employ a comprehensive range of relevant resources to advise and assist industries impacted by the pandemic, thereby enabling businesses to maintain stable operations, retain talent and introduce transformative upgrades.
The premier noted that the overall special bill was already approved by the Executive Yuan in mid-January, and the government is currently conducting an intensive review of its various constituent programs. Thursday's MOEA briefing concerns the portion of the special bill regarding upgrading and transforming industries and SMEs. Reports on each of the special bill's remaining programs will be shared with the public as the review continues.
To promote the upgrade and transformation of industries and SMEs, Premier Chen said that a special budget would be used to assist manufacturing and service industries to accelerate the adoption of smart technology and low-carbon business models; regenerate shopping districts and grow characterful neighborhoods and marketplaces; help SMEs expand their sales; and develop infrastructure for SMEs while bringing their facilities into compliance with the Factory Management Act and environmental and public security standards. The special budget will also provide project loans for post-pandemic economic revitalization and business transformation and development. Additionally, in October last year, the Executive Yuan approved a plan to raise the overall competitiveness of SMEs, which will invest nearly NT$100 billion (US$3.3 billion) over a five-year period to assist SMEs with digital transformation, adjusting their operating models and strengthening their industrial technology and sustainable production capabilities.