TAIPEI (Taiwan News) — The Ministry of Digital Affairs (MODA) announced Tuesday (Aug. 27) that it will invest NT$10 billion (US$313 million) in domestic AI startups over the next 10 years.
At a press conference on Tuesday, MODA Minister Huang Yen-nun (黃彥男) shared the progress and outcomes of the ministry’s policies since his tenure began on May 20, per CNA. Huang said the Cabinet approved the AI startup plan on Aug. 9, and the first seven years will be dedicated to investments and the last three years to divestments, per UDN.
Huang added the ministry plans to establish fund management guidelines and an office. It aims to complete administrative procedures this year and begin accepting investment applications next year.
MODA Deputy Minister Lin Yi-jing (林宜敬) said to promote the AI industry, the ministry is focusing on four areas: computational power, data, talent, and funding. Talent development will be a collaborative effort with the National Science and Technology Council (NSTC) and the Ministry of Education (MOE), he said.
Lin said the NT$10 billion will support companies, facilitate networking, and help businesses expand into overseas markets.