Taiwan's Cabinet wants to make biotechnology the country's third major industry in the next 10 years. To that end, it has proposed a $1.76 billion dollar VC fund. The Taiwan government's National Development Fund will have a 40 percent stake in the venture, and the private sector will see to the other 60 percent. The economic development plan also calls for the establishment of a biotech incubation center that will introduce new medicines to existing biotech parks. The country's Biotechnology Development Centre will have an expanded roll; it plans to increased its workforce from 400 to at least 1,000 people.
"Biotechnology is a mainstream global industry that Taiwan can't miss," Minister Without Portfolio Chang Jin-fu said. He added, "with the venture capital fund, [the government] will be taking a positive approach to seeking potential investments in biotech industries, including agricultural biotechnology. We hope to double the production value of the industry in four years."
- here's the Taipei Times report