TAIPEI (Taiwan News) — Taiwan’s technology budget will rise by 18% to NT$156.9 billion (US$4.93 billion) in 2024, the government said Thursday (Aug. 24).

The Cabinet approved its overall budget plans for next year at its regular weekly meeting. Technology spending will be devoted to topics including semiconductors, aerospace, zero emissions, and 6G, the Liberty Times reported.

One of the aims of the budget hike was to consolidate Taiwan’s leading role in the manufacturing, testing, and packaging of semiconductors, National Science and Technology Council (NSTC) Minister Wu Tsung-tsong (吳政忠) said. He added the funding would help strengthen the IC design sector.

Wu also underlined the importance of attracting foreign talent, capital, and creativity to pave the way for constant innovation over the next 10 years. Taiwan will also link up with the international community in areas such as reduction of carbon emissions by promoting local technology in the sector, the minister said.