The Executive Yuan on Thursday approved a program worth billions of dollars designed to improve the competitiveness of Taiwan’s small and medium-sized enterprises (SMEs), with a focus on four key areas, according to Cabinet spokesman Lo Ping-cheng (羅秉成).
Speaking to reporters after the weekly cabinet meeting, Lo cited Premier Su Tseng-chang (蘇貞昌) as saying the NT$95 billion (US$2.9 billion) program, which runs from 2022-2026, will receive funding from different government ministries.
It will also seek to foster world-class businesses by strengthening the competitiveness of small and medium-sized enterprises in the areas of zero emissions, digital transformation, value-added innovation and co-prosperity, in response to opportunities and challenges arising from the post-COVID era, he added.
According to Lo, Su urged companies to concentrate on these target areas by encouraging young talent to return to their hometowns and help boost the local economy.
The program is expected to result in electricity savings of 175 million kWh over the five-year period and will seek to develop a cloud-based system serving up to 210,000 companies, the aim being to create 200 world-class enterprises across a range of industries, according to the Ministry of Economic Affairs (MOEA).
In a statement issued, the ministry hailed the resilience of Taiwanese businesses, stressing the indispensable role they play in global supply chains.
Taiwan’s 1.59 million small and medium-sized enterprises have created 9.2 million jobs at home and are a pillar of the country’s economy, the ministry said.
Source: Focus Taiwan News Channel