10 May 2013 12:41 [Source: ICIS news]
TAIPEI (ICIS)--The Taiwanese government is considering offering incentives to local petrochemical companies to invest in research and development (R&D) activities as a means of adding value to the sector, one of the heads of the country's key research facilities said on Friday.
Jonq-Min Liu, the executive vice president of Taiwan's Industrial Technology Research Institute, told delegates at APIC that the government is looking to increase the resources devoted by petrochemicals companies to research, as a means of developing the industry.
Jong-Min said: "The idea is to have more differentiation and attain a higher added value, but I think a very important action is that the government will try to offer incentives to encourage the industry to set up R&D teams... And spend more on R&D.
"Hopefully by 2020, the overall value-added ratio can reach 20%," he added.
According to Jonq-Min, the petrochemicals industry was worth $144bn (€110bn) in 2012.
($1 = €0.76)
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