The output of Taiwan’s Internet of Things sector totaled NT$1.31 trillion (US$43.6 billion) in 2019, up nearly 12 percent year on year to the highest amount on record, the National Development Council said Aug. 5.
 
NDC Minister Kung Ming-hsin attributed the strong showing to the government’s Asia Silicon Valley Development Plan, which aims at engineering a new industrial transformation for the country.
 
According to Kung, since its launch in 2016, the eight-year initiative has pushed Taiwan’s global IoT share to 4.33 percent, which is in line with the project’s goal of reaching 5 percent by 2025. It has also helped 78 startups secure funding of at least US$2 million each.
 
With the rapid development of artificial intelligence and 5G mobile technologies, the IoT sector is set to play a key role in the future, he said, adding that local businesses are well positioned to take advantage.
 
Proposed by the NDC, the IoT-focused Asia Silicon Valley project seeks to optimize Taiwan’s startup and entrepreneurship ecosystem; construct diversified demo sites for smart products and services; enhance linkages with renowned tech clusters worldwide; and build a complete IoT supply chain in the country.
 
It is one of five strategic sectors under President Tsai Ing-wen’s New Model for Economic Development. The other four are biotechnology and pharmaceuticals, green energy, national defense and smart machinery. (SFC-E)
 
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