To revamp and reinvigorate Taiwan's slowing economy, her "5+2" innovative industries initiative aims to boost key sectors such as biotech, sustainable energy, national defense, smart machinery, and the "Asian Silicon Valley" project.[14] President Tsai herself was the chairperson for TaiMed Biologics, a state-led start-up company for biopharmaceutical development with Morris Chang, the CEO of TSMC, as an external adviser.[15] On 10 November 2016, the Executive Yuan formally endorsed a biomedical promotion plan with a budget of NT$10.94 billion (US$346.32 million).[16] At the opening ceremony for the Asia Silicon Valley Development Agency (ASVDA) in December 2016, Vice President Chen Chien-jen emphasized the increasing importance of enhancing not only local R&D capabilities, but also appealing to foreign investment.[17] For example, the HSP now focuses 40 percent of its total workforce on "R&D and technology development".[5] R&D expenditures have been gradually increasing: In 2006, it amounted to NT$307 billion, but it increased to NT$483.5 billion (US$16 billion) in 2014, approximately 3 percent of the GDP.[18] The World Economic Forum's Global Competitiveness Report 2017-2018 profiled up to 140 countries, listing Taiwan as 16th place in university-industry collaboration in R&D, 10th place in company spending on R&D, and 22nd place in capacity for innovation.[19] Approved overseas Chinese and foreign investment totaled US$11 billion[20] in 2016, a massive increase from US$4.8 billion in 2015.[21] However, the Investment Commission of the Ministry of Economic Affairs' (MOEAIC) monthly report from October 2017 estimated a decline in total foreign direct investment (between January and October 2017) to US$5.5 billion, which is a 46.09 percent decrease from the same time period of 2016 (US$10.3 billion).[22]