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Updated Friday, April 23, 2010 9:10 am TWN, The China Post news staff

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Government to invest NT$5.479 billion to help makers explore markets

TAIPEI, Taiwan -- The Ministry of Economic Affairs will appropriate NT$5.479 billion within three years to set up three key supporting platforms to help local manufacturers and exporters tap huge opportunities for sales to middle-class consumers in emerging markets, according to a promotion package the MOEA reported at a weekly meeting of the Executive Yuan (Cabinet).

Under the package, the MOEA will help local makers work out 40 creative products that are internationally competitive in terms of both quality and price, assist makers to build five new international or regional brands, and increase Taiwan's exports to emerging markets by 30 percent by the end of 2010.

At the Cabinet meeting, Premier Wu Den-yih said in order to prevent the nation from overly relying on a single market for export trade, reduce investment risks, and ease the doubts among the public about the signing of the cross-straits economic cooperation framework agreement, the government and makers should also step up efforts to develop more emerging markets such as Indonesia and India, in addition to consolidate trade with China.

To achieve the end, three supporting platforms will be established soon. The first platform is to support research and development of innovative products, designs and applications in line with the latest market trends by integrating the resources of scientific colleges. The government will subsidize such development projects, with the subsidies to range from NT$5 million to NT$8 million for each project.

The second platform is designed to push for integration of international marketing efforts. In this regard, the government will move to set up a virtual international shopping mall, organize Taiwan products fairs in such mainland Chinese cities as Nanjing, Dongguang, Tianjin, and Chongqing, and establish Taiwan industrial mart in India, and organize Taiwan's international branding activities in Vietnam.

The third platform is aimed at establishing a mechanism for market information collection and cultivating relevant talents.

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Comments

April 23, 2010 elumpen@

$5.5b? Damn, what exactly are they developing here? Time-traveling DeLoreans and Mr Fusion units?

40x$8m does not equal $5.5b or anything like it. Could it be, perhaps, that all this swag is earmarked not for R&D and market research but for friends and cronies of the gov't who have fallen on hard times and can't afford the latest SUV this year?