Taiwan plans to spend $666 mln to encourage strategic company mergers

TAIPEI Tue May 13, 2014 9:29pm EDT

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TAIPEI May 14 (Reuters) - Taiwan's National Development Fund said on Tuesday it has agreed to spend T$20 billion ($666 million) to encourage companies of strategic importance to the economy to merge. The Taiwan government's investment promotion website said the Fund's key priorities historically "focused on industries such as petrochemicals and semiconductors to promote Taiwan's economic development plans. Recent investment has focused on 10 emerging industries, including information, telecommunication, aerospace and biotechnology. "Investment is also directed at strengthening venture capital investment in innovative industries, in support of 2008 Challenge and its subsidiary plans. The goal is to raise a NT$100 billion venture capital fund. "

(Reporting by Faith Hung; Editing by Eric Meijer)

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