Productivity 4.0 will be a new chapter for local enterprises in developing upgraded value-added capabilities, he said. “The focus of the next phase will be on strengthening innovation, internationalisation and servitisation.”

The government has identified eight sectors in which the move will be promoted: agriculture, food manufacturing, information technology, logistics, machinery equipment, retailing, textile, and transportation.

Productivity 4.0 is the country’s adaption of the German Industry 4.0, and similar to it, the move will focus on developing smart factories for diversified and digitalised production, employing big data in planning production, and increasing total manufacturing output.

The move is projected to deliver a 60 percent increase in manufacturing output per capita to NT$10 million (US$310,000) by 2024.

“There is every reason to believe this initiative will realise Taiwan’s industrial upgrade through securing core technologies and creating a new range of products tailored to meet the needs of 21st century consumers,” he said.