Machinery, green energy, defense, biotechnology, agriculture, recycling and IOT could be the future for Taiwan.
The News Lens
Date: 2017/12/04
By: Jane Rickards
Photo Credit: Matt’s Life CC BY 2.0
Among the seven industries targeted in the government’s “5+2 Industrial Innovation Program,” the one starting with the strongest foundation is smart machinery.
Overall machinery production value this year could break the NT$1 trillion (about US$33 billion) mark for the first time, says Stephen Su, General Director of the Industrial Economics and Knowledge Center (IEK) at Taiwan’s Industrial Technology Research Institute (ITRI). This year machinery exports rose 21.4 percent from January to September compared with the same period in the previous year, the Ministry of Finance reported, accelerated by global economic tailwinds.
The smart machinery initiative combines two industries where Taiwanese companies already possess global strength – machine tools and ICT. Su says some companies involved are creating factory and hospital systems that incorporate Cyber Physical Systems – integrating computing, networking and physical processes – and also the Internet of Things (IoT) – connecting physical devices ranging from cars to home appliances to the internet and eventually to one another.
As promising industries for development, the government’s “5+2” program also identifies green energy, defense, biotechnology, advanced agriculture, and a circular economy involving recycling. It also is promoting an “Asia Silicon Valley” project involving IoT and fostering start-ups. Su says these industries are still in their infancy and are yet to make an economic impact. [FULL STORY]
