Taiwan urged to grab business opportunities in London Olympics

“There is a window of opportunity there and that window is closing. So our advice to Taiwanese and other companies around the world is that they should act now rather than wait. Because if you wait, you will miss out on the opportunities," said Michael Charlton, chief executive of the foreign direct investment (FDI) agency Think London.

Charlton is on a four-day visit to Taiwan to promote FDI and business opportunities in the 2012 London Olympics. He encouraged Taiwan businesses to get involved through the World Trade Organization's Government Procurement Agreement, to which Taiwan acceded in July.

In an interview with the Central News Agency, Charlton said most of the remaining contracts for the Olympics will be let within the next 12-18 months, and noted that doing business in London is becoming more affordable.

London has fallen from the 8th most expensive city in the world to the 27th, due to the global economic crisis, he said.

The buyers and the organizing committee for the London Olympics are interested in procuring all kinds of products from Taiwanese suppliers, ranging from digital media products to merchandise such as computer equipment, sports wear and souvenirs, Charlton said.

The London Olympics is an example of the "blind GPA," which means that it is completely open and transparent and not trying to give any particular advantage to companies from any country or sectors, according to Charlton.

"Companies with the right skills, right experience, right products, right quality, and cost" stand a chance of tapping into the opportunities, he said.

"Considering how export-orientated Taiwan is, we are surprised that we haven't seen more Taiwanese companies," Charlton said, adding that he hopes his current visit will help to change that.

Taiwan can bring the strength of its export and innovative technology to the competition for the Olympics contracts, he suggested.

In addition, Taiwan's experience in supplying products and services in an environment similar to the London Olympics -- namely the World Games and Deaflympics which it hosted in July and September, respectively -- will be useful in its bids for business opportunities in the London Olympics, he said.

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