Taipei, Dec. 30 (CNA) In order to encourage local venture capital companies to raise money for investment, the government is revising the law to make venture capital an industry that can be invested in by government-managed funds for labor insurance, pensions and other uses, President Chen Shui-bian said Tuesday.
Speaking at a year-end party of the Taiwan Venture Capital Association, the president boasted about the government's role in prompting the development of venture capital in Taiwan by investing successfully in several hi-technology companies in the 1980s.
Now the Taiwan Venture Capital Association boasts 240 members and combined capital of NT$150 billion (US$4.41 billion) , the president said.
Chen said his administration is continuing to improve the investment environment for venture capital by expanding the categories of industries that venture capital companies can invest in from the hi-technology industries and manufacturing industries to the service industry, to give venture capital companies more leeway in using their funds.