Despite the global economic crisis which has also engulfed many Asian economies, Taiwan last week announced plans to tackle the situation with confidence- building measures that would ensure its position as a regional hub and generate $30.3 billion in "production value" by the year 2012.
The plan, drafted by the Council for Cultural Affairs (CCA), aims to accomplish this goal by the accelerated development of cultural and creative industries within the country, and was approved at the weekly Cabinet meeting chaired by Premier Liu Chao-shiuan last week.
Liu declared that the government will invest NT$27.5 billion in the sector to ensure that goals set are met within the specified timetable. Additionally, the National Development Fund pledged NT$20 billion in venture capital fund to help the growth of more companies in these industries. Liu also instructed the relevant authorities to solicit suggestions and opinions from industry representatives on the development of the sector.
Premier Liu added that "one of the major goals of this plan would be to consolidate and integrate the different aspects of Taiwanese culture which is a rich and special blend that has evolved out of various cultural influences over the centuries."
Liu stated that under the plan, the "different influences such as the aboriginal culture, the immigrant cultures of the different periods in Taiwan's history and the traditional Chinese culture will be highlighted." Drawing a parallel, the premier added that "the cultural innovation industry is closely related to the information technology industry, and digitization is an inevitable trend."
He expressed the hope that the lawmakers would quickly ratify the draft on the cultural creativity law governing the development of cultural and creative affairs proposed by the Cabinet during the current legislative session.
In the wake of President Ma's recent conciliatory approaches to mainland China, and the optimism shared by most Taiwanese, the huge mainland Chinese market will be cultivated through closer cooperation by companies from both sides to beef up the competitive edge by combining their resources and sharing the common cultural background, Liu affirmed.
According to The China Post, the six flagship industries selected by the government for intensive development will cover television contents, films, pop music, digital contents, designing, and handicraft and industrial artworks. Cultural innovation is the sixth and last of the emerging industries spearheaded by the pragmatic Taiwanese President Ma Ying-jeou for major development.
The other five designated industries are tourism and leisure, medical care, biotechnology, green energy and refined agriculture.
The Taiwanese government also plans to achieve an industry cluster effect through the establishment of creative culture parks in Taipei, Chiayi, Tainan, Taichung and Hualien. It also aims to make the National Palace Museum a promotion center for the country's cultural and creative industries.
In addition to offering investment and tax incentives to attract more capital to the sector, the government will establish a cultural and creative affairs foundation to provide assistance to the companies.
With such a positive approach to productive growth, it may be wise for Saudi industrialists to sit up and take notice. Foreign investment in a country long known for prudent investment and a pragmatic approach toward growth in various industries would make it a favorable partnership.
