At the Cabinet's weekly meeting Thursday, Premier Chen Chien-jen received a National Development Council briefing on the Asia Silicon Valley Development Plan 3.0. The premier said this third phase of the plan will focus on the development of technologies including artificial intelligence, 5G and satellite networks in order to accelerate both the digital transition and net-zero carbon transition of Taiwan's industries. The plan is of great importance for transforming Taiwan into a resilient society of smart technologies and innovative industries, he said, and it can help develop large-scale smart solutions exportable to international markets.
The premier pointed out that the Asia Silicon Valley Development Plan has been investing in the artificial intelligence of things (AIoT) for the past seven years and has produced plentiful and concrete achievements. For example, the output value of the internet of things (IoT) in Taiwan surpassed NT$2 trillion (US$67.2 billion) in 2022, and has led the information and communications technology industry to gradually shift from hardware manufacturing toward system application services integrating software and hardware. The plan has also driven vigorous development within Taiwan's tech startup ecosystem, nurturing more than 7,400 domestic startups, including four Taiwanese unicorns (a startup company valued at more than US$1 billion), and significantly increased the amount of funding raised by startups from US$840 million in 2015 to US$2.22 billion in 2023—feats that are worthy of recognition, the premier said.
The plan's third phase introduces a number of breakthrough approaches, including encouraging the insurance industry and other private capital to invest in startups; broadening tax benefits for angel investors; proposing amendments to relevant regulations to provide tax incentives for enterprises to invest in startups; and aiming to enlarge the amount of funding raised by startups to US$5 billion over the next four years. The premier instructed the relevant ministries and agencies to pool and consolidate their resources in order to accelerate the expansion of Taiwan's global presence.