Central News Agency (CNA, Taipei, July 1, 2024) -- Regarding the content of the draft "Act for the Transformation, Upgrading, and Development of Small and Medium-sized Enterprises," Premier Cho Jung-tai stated today that the core objectives of the act are to strengthen micro-enterprises, expand small enterprises, upgrade medium-sized enterprises, and elevate new industries. The scope of application will also include businesses in commercial districts. An estimated NT$100 billion fund will be invested over 8 years, which, combined with the original public budget, will exceed NT$20 billion annually, effectively doubling the budget. Premier Cho, Financial Supervisory Commission (FSC) Chairman Peng Chin-lung, and others attended the 2026 Taiwan Service Industry Excellence Award ceremony. Vice President Lai Ching-te delivered a video message, stating that the service industry is Taiwan's unique "warm power." This trust built on service is Taiwan's most valuable asset, and every friendly smile and precise service demonstrates Taiwan's overall resilience and competitiveness. There are 1.7 million small and medium-sized enterprises in Taiwan, 80% of which are in the service industry. Premier Cho said that the service industry is Taiwan's soft power and a force for social stability. While Taiwan's high-tech industry is currently excelling, the government will never forget small and medium-sized enterprises and aims for overall upward development. Premier Cho stated that in the past, the government allocated over NT$10 billion annually to assist small and medium-sized enterprises, yet there was no perceived narrowing of the gap with the high-tech industry, indicating insufficient effort. Therefore, the government will propose the draft "Act for the Transformation, Upgrading, and Development of Small and Medium-sized Enterprises," integrating past diverse revitalization programs for SMEs and the "SME Development Act." After completing the Executive Yuan's procedures, it will b