Fund for industrial innovation, transition established: official
Taipei, July 26 (CNA) The National Development Fund Management Committee decided Tuesday to establish an industrial innovation and transition fund with the aim of helping domestic enterprises to conduct innovation and transition programs, National Development Council Deputy Minister Kung Ming-hsin (龔明鑫) said that day.
The National Development Fund is to allocate NT$100 billion (US$3.11 billion) for establishing the new fund to help finance industrial innovation and transition programs, and has begun with immediate effect to accept applications for co-investment projects, Kung said.
The main purpose of the new fund is mainly to channel private capital into investment in local enterprises' innovation and transitional programs and help them conduct mergers and acquisitions, along with other transition projects, with the aim of improving their efficiency, Kung said.
The new fund will invest in principle no more than 20 percent of the paid-in capital of a new enterprise that applies for co-investment, Kung added, calculating that the use of the total fund will introduce total investment of NT$500 billion in the nation's business sector.
Su Lai-shou (蘇來守), deputy executive secretary of the National Development Fund, said that the new fund is expected to invest a total of NT$20 billion within two years, which, he said, will funnel NT$100 billion into domestic enterprises' innovation and transition programs.
(By Yang Shu-ming and Romulo Huang)
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