Taiwan's Executive Yuan approved the central government budget for FY2024 and will submit it to the Legislative Yuan for review. A total of NT$561.2 billion (US$17.62 billion) is appropriated for the annual expenditure of education, science, and culture, in which the technology-related spending amounted to NT$156.9 billion (US%4.9 billion), up 18% from FY2023.
"In anticipation of the global revolution in industries driven by new technologies such as Generative Artificial Intelligence (GAI), technology development has become a key item in the strategic layout of advanced countries. Taiwan's overall technology budget for 2024 will grow by 18%, demonstrating the government's determination to emphasize the long-term layout of technology development," said the National Science Council in a press release.
According to the information provided by the Executive Yuan, NT$21.9 billion of the aforementioned budget will be used to subsidize tuition of private university students, and NT$4 billion will be used to give professors a raise in salary.
In terms of scientific research, the National Science Council has increased its scientific research initiative subsidies by NT$9.1 billion. Some of the money may be used to develop a "Taiwanese version of ChatGPT." Another NT$12 billion will be created for a 5-year initiative to enhance the IC design capability of Taiwanese companies. Basic scientific research funds will receive NT$4.9 billion of extra budget, while low-carbon and green manufacturing innovations will see their budget increase by NT$2.6 billion.
Taking advantage of Taiwan's global leadership in IC manufacturing and testing, the IC-design program aims to strengthen Taiwan's IC design capability and improve the overall semiconductor industry. Combined with IC design and generative AI, the program will apply semiconductor IC design applications to other industries related to food, clothing, housing, transportation, and entertainment, driving the development of the entire industry and attracting venture capital and international talent to Taiwan, according to the press release. Officials said that the funding is mainly used for the training of IC design talents, the refinement of equipment, and subsidies for hardware and infrastructure funding for semiconductor academies in local universities, etc.
According to the budget layout of science and technology approved by the Executive Yuan, basic scientific research accounts for 37%, and key policy programs such as the IC design initiative and Net Zero Carbon Emission program account for 45%. In addition, the Kaohsiung municipal government proposed an "Asia Bay 2.0 - Intelligent Technology Innovation Park Promotion Program", which will also foster the development of IC design, fintech, and other industries.
