Minister vows to help local businesses
July 4, 2012, 12:10 am TWN
TAIPEI -- Vice Economics Minister Francis Kuo-hsin Liang said yesterday the government will help domestic manufacturers capitalize on growing commercial opportunities in emerging markets by helping them with branding and other marketing needs.
Liang said emerging markets, especially those in Asia with strong internal demand, are gradually supplanting Europe and the United States as the consumer markets with the greatest potential.
Based on estimates of international marketing companies, the middle class in these emerging markets could spend up to US$20 trillion over the next decade, which is twice the size of the U.S. consumer market, Liang said.
He pledged that the government will assist domestic manufacturers in strengthening their design, innovation, research and development and international branding capabilities to get an edge in these markets.
"We will initially target markets in mainland China, Indonesia and Vietnam," he said at a 2012 Taiwan international brand forum sponsored by the Bureau of Foreign Trade (BOFT).
Liang noted that the BOFT began promoting "the Branding Taiwan" project in 2006 to help create an environment favorable for Taiwan to develop its own brands.
He said three goals that were expected to be attained this year — the value of the top five brands each exceeding US$1 billion, with two of them breaking US$1.5 billion, and the total value of the top 20 brands reaching US$10 billion — were all achieved a year early in 2011.