Ma Designates Biotech as Taiwan`s Next Pivotal Industry

Taipei, May 19, 2011 (CENS)--President Ma Ying-jeou yesterday stated that biotechnology will replace petrochemicals as Taiwan`s next pivotal industry in which the government will invest mega money to foster after the huge Kuokuang petrochemical complex project was dropped recently. Ma made the statement when inaugurating a biotech building located in the Biomedical Science Park in Hsichu County of northern Taiwan. Ma said biotech is the star industry for this century and the government will invest NT$24 billion (US$839 million at US$1: NT$28.6) to foster the industry on the island. In addition, the government has sent senior officials to invite Taiwanese biotech talents in the United States back to help carry out the plan. The President noted the upstream sector of Taiwan`s biotech industry has come up with many significant achievements in the development of new medicines and medical equipment. In midstream, technology developments have abundant financing from the island`s venture capital funds, which are as active as that in the United States and Israel. Ma said the government will set up a national super incubation center to integrate all the island`s government-backed biomedical and biotech resources to develop biotech industry after the opening of the biotech building. He added that developing the industry will also help increase jobs for local graduates of the science, numbered at 38,000 a year. Ma said nine out of 10 local graduates in this field seek jobs outside their profession because of scant positions offered by the industry.