The World: Taipei - Govt prepares to inject $27.5bn into creative industry

Taiwan's government has announced that it is to invest heavily in the country's creative industries during the next four years.

It has passed a proposal that could direct as much as $27.5 billion to producers of TV programmes, films, music, digital content and more, with the first batch of funding coming out of the 2009 budget.

The effort is expected to attract an additional $20 billion in venture capital.

Chris Fay, the chief executive of Saatchi & Saatchi Taiwan, said: "Taiwan has a long history of producing films and TV programmes that perform well across Asia. There is no reason to think such an initiative will fail to produce results."