Learning business challenge in Taiwan means you learn about the local requirements and market entry barriers. Many things must be aware of before you start expanding the market of Taiwan. Taiwan itself is a sophisticated market where the consumers are plugging into the global trends.
Products from the other countries, including from the United States are represented properly in the Taiwan market. China is another country where the products are represented in a brilliant well in Taiwan along with the products from the lower cost producers.
Challengers Await for Business People in Taiwan
Taiwan is actually a brilliant target market, both for the commodity items and products that have high quality and are differentiated. However, Taiwan is a market that is sensitive to price. Foreign goods should also conform to the local standards.
Besides, there are labeling regulations that are required to import the products into the country’s market. Local distributors or agents must be able to assist the foreign businesses to obtain the permits and certifications that are necessary and required for the importation.
Regulations to Obeyed When Doing Business in Taiwan
Another business challenge in Taiwan is that the holders of intellectual property rights must report the positive developments as well as the ongoing challenges they face in Taiwan’s intellectual property rights for the protection and enforcement.
In the recent years, this country has bolstered the trade secrets enforcement and protection. However, there are still considerable challenges in combating the copyright and also related infringement with educational materials that are both printed and online.
Market Research Taiwan to See Opportunities Behind the Challenges
Even though challenges are awaiting, there are opportunities opened behind the challenges. Many sectors in Taiwan are offering excellent investment and export opportunities for businesses outside the country. Information and telecommunications technology is one of those sectors.
The opportunities in IT technology include the software, computer services, and cybersecurity sectors. The cybersecurity market in Taiwan is estimated to be worth around USD 1.6 billion. About 80% of the world’s hardware equipment for network security is produced in this country.
Large scale security solutions and software are mostly bought from the foreign suppliers. The local system integration vendors are providing the after sales service.
Internet of Things Opportunities in Taiwan
The Internet of Things (IoT) is another promising sector to consider. The ICT manufacturing sector in Taiwan is powerful and strong. The rate of national internet usage reaches more than 80%. Taiwan also respects the rights of intellectual property that makes this country’s companies more attractive partners.
Taiwan companies often look for partnerships with foreign companies, especially the United States companies when they want to expand beyond Taiwan. Taiwan has a special program to promote the development of the IoT, it is the Forward Looking Infrastructure Development Program.
Under the program, the development of smart cities throughout the country has seen the localities implement the IoT, including smart healthcare, smart governance, and smart transport.
More Opportunities than the Challenges
When seeing business challenge in Taiwan, always focus on finding the opportunities that hide behind it. Many other sectors are waiting for foreign companies with bigger opportunities. Learn about the challenges but stay focused on the opportunities.
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