Ministry of Economic Affairs has decided to set aside NT $150 million (US $4.57 million) for small and medium-sized enterprises (SMEs) so as to help them improve their technology.
SMEs are probably the most important segment in Taiwan as the existing 1.2 million enterprises account for almost 98 percent of the entire business.
Officials revealed that nearly 685 companies has expressed interest in participating in this program.
The Ministry expects that this scheme will help at least 650 SMEs upgrade their technological resources and strengthen their place in both domestic and international arena.
Bureau informed that manufacturing corporations with funds of less than NT $80 million or fewer than 200 workers, as well as service companies with annual turnover of less than NT $100 million or fewer than 50 employees are eligible for the short-term technological assistance offered by the ministry's 16 R&D organizations, including the Industrial Technology Research Institute.
Companies that have already applied to join this program are mainly from the textile and machinery industries.
The Ministry is likely to double the allocated amount based on the success of this scheme.
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