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(Photo Focus Taiwan)[/caption]Taipei, Aug. 1 (CNA) Taiwan's state-run Institute for Information Industry (III) signed a memorandum of understanding with a New Zealand-based venture capital firm on Thursday to expand bilateral cooperation on industrial development and joint investment.
Under the agreement, the III and Pan Pacific Capital Ltd. (PPC) will set up a venture capital fund of US$40 million, with a focus on digital content start-ups in the two countries, such as gaming and animation companies, according to the institute.
More importantly, the agreement seeks to encourage the investment of venture capital in the near future, in hopes of promoting cross-border projects between Taiwan and New Zealand, the institute said.
"This new co-fund creates the ideal opportunity for commercial collaboration between our two economies," PPC Managing Director Tony Bishop said at the signing ceremony.
"There is no doubt the cross-border investment relating to technology companies creates win-win opportunities for both of our economies," he said.
PPC, New Zealand's leading venture capital firm, has earned a reputation as an experienced investor in the Pacific Rim, said officials of the III.
Over the past three decades, Taiwan has created about 14,000 venture investment projects amounting to more than NT$260 billion (US$8.66 billion), according to statistics from the Industrial Development Bureau.
The bureau has set several goals for Taiwan's digital content industry in 2013, including an output value of NT$780 billion and new investment of NT$100 billion.
(Focus Taiwan, 1 August 2013)
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