Taiwan Sets Fasteners as a key Industry for Development

Taiwan's Ministry of Economic Affairs pointed out in a business report that recently the US, Japan, and Korea has been proactively initiating industrial transformation and cross-territory integration. However, due to excessive concentration of industrial growth power, insufficient R&D investment, and weaker brand performance, the added value of Taiwan's manufacturing industry is lower than the standard.

Minister Chang said future policies should not only deal with "Servitization in Manufacturing, technicalization in service, internalization, creating features for traditional industry", but also focus on "know how". This statement implies that the policy for this year will divert from conceptual advice to practical measures to assist realistic industrial transformation.

Accordingly, the Ministry sets traditional industry, forefront industry, and emerging industry as the 3 development axis. In terms of the traditional industry, the Ministry will assist in high value R&D & R&D alliances, and integrating inspection accreditation to achieve full upgrade in quality and volume. The ministry told that there are around 600 Taiwanese fastener makers producing common bolts, each priced at NTD20/kg. If the Ministry assists them in technical upgrade and development of high value products, they will be able to produce aerospace-grade bolts price at as high as NTD900/kg, up 45 folds.