TAIPEI, Taiwan, Jan. 28, 2013 /PRNewswire/ -- The Tang Prize Foundation has been officially established in Taiwan. The foundation has signed a contract with the country's highest research institution, Academia Sinica, which will be responsible for the nomination and selection for prizes in four categories: Sustainable Development, Biopharmaceutical Science, Sinology (excluding literary works), and Rule of Law. By recognizing the most original and influential work in these four fields, it is hoped that the Tang Prize will help promote first-class research to spur human development. (Photo: http://photos.prnewswire.com/prnh/20130128/HK48965 ) The Tang Prize Foundation was established by Dr. Samuel Yin with a donation of NT$3 billion (around US$102,000,000). Dr. Yin said, "Setting up the Tang Prize has been one of my biggest 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." The four awards categories are important fields for humankind's future social development. The Tang Prize Foundation hopes to increase attention to these award fields from both academic circles and the public, and further to encourage experts to dedicate themselves to innovative research in these four fields. The efforts channeled into the Tang Prize all focus on the ultimate goal of improving human life. The Tang Prize will become one of the world's most prestigious and visionary awards and will allow Taiwan to be able to contribute even more to the international community. The president of Academia Sinica, Chi-Huey Wong, said, "Historically, Academia Sinica has always had a first-rate reputation. Both at home and abroad, our academicians hold important positions in many fields, and thus have the professional capability to select the best candidates for the Tang Prize."