TAIPEI (CNA) — The Executive Yuan on Thursday approved a plan to invest NT$17.7 billion (US$597.5 million) over five years to develop display technologies and their practical applications in retail, transportation, medicine and entertainment.
The “Taiwan Display Technologies and Applications Action Plan” aims to give Taiwan a leading share in the global screen-based technology industry by growing its annual output value to NT$2.5 trillion by 2030.
During the cabinet meeting, Premier Su Tseng-chang (蘇貞昌) compared the investment to the “Two Trillion and Twin Star” development plan the government launched in 2002, to grow Taiwan’s semiconductor and display sectors into NT$1 trillion industries by 2006.
Both industries remain pillars of the country’s economy, and are fourth and second respectively in terms of global market share, Su said.
The domestic display technologies sector accounted for NT$1.4 trillion in output value last year, or around 8 percent of gross domestic product and employed 150,000 people, Su said.
However, Taiwan’s market share in the industry could suffer as a result of strong competition from China, Su went on, making it essential that the country invest in emerging technologies like 5G and AIoT (artificial intelligence of things) and take advantage of the restructuring of global supply chains happening amid the trade war between China and the United States.
An investment in Taiwan’s already-strong foundation in display technologies will also help spur development in applied fields like retail, transportation, medicine and entertainment, Su said.
If the government does not act, the sector could lose NT$500 billion in annual output value and shed 50,000 jobs by 2030, according to a report by the Executive Yuan’s Board of Science and Technology (BOST).
While the government did not detail how the NT$17.7 billion will be spent, BOST Executive Secretary Tsai Zse-hong (蔡志宏) said it will allocate NT$8.9 billion for technological development and NT$6.5 billion to identify and develop practical applications for the technologies.
Tsai did not explain how the remaining NT$2.3 billion will be spent.