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The 2012 Nobel Prize Award Ceremony. [Getty Images]
Yin, who is the head of the Ruentex textile business, told Taiwanese media that creating such a prize has long been one of his dreams.
“I hope that the prize will encourage more research that is beneficial to the world and humankind, promote Chinese culture and make the world a better place,” he said.
“The awards are not designed to compete with the Nobel Prize, but to extend its spirit and contribute to the Earth, to humankind,” Yin told reporters at the prize launch ceremony in the capital Taipei.
Forbes magazine lists Yin as the 7th richest man in Taiwan with a net worth of $3.1 billion.
The prize of $1.7 million is awarded every two years in coordination with Academia Sinica, Taiwan’s leading research institution, and for each of four categories – sustainable development, bio-pharmaceutical science, law, and sinology, which is the study of Chinese culture.
The first award ceremony is scheduled for September 2014.
Source: Agencies
