The ASEAN and Indian markets have been attracting foreign businessman for the increasing demographic dividends, people’s income, and average household expenses. Compare to Indonesia, Vietnam, Thailand, Malaysia, and other more developed countries, we have lesser business information about Laos and India. CDRI is commissioned by Bureau of Foreign Trade, MOEA, to implement the "High Quality and Parity Emerging Markets Optimization Program", and held a seminar - "New Southbound New Business Opportunity! What You Need to Know on the Indian and Lao Markets" yesterday (21st June) in TAITRA office in Taichung, more than 30 businessmen in Taichung came to discuss the business opportunities in the new Southbound market.
India has a population of 1.32 billion. The World Bank estimates that the economic growth rate is about 7.3%. Its huge demographic dividend attracts foreign investment. However, due to factors such as its multi-federal and cultural differences, complex language and so on, manufacturers are faced with difficulties and the provident way of spending of the Indian consumers. “Instead of adopting a price strategy, selecting the right distributors is a better alternative in the Indian market, also the quality of value-added commodity, such as the Taiwanese cosmetics industry, may apply marketing strategy on large-scale e-commerce business as an entry point to form a Taiwanese cosmetic team. Building an image of Taiwanese beauty product, and then launch SME beauty products on-line.” CDRI researcher Dailing Chen pointed out
Laos is a relatively unfamiliar country to Taiwanese, which has a population of only 7 million, but a great chance on the improvement of the GDP. In recent years, the average economic growth rate is close to 8%, and it is expected to reach 8.5% by 2020. The only landlocked country in ASEAN, Laos is deeply affected by Thailand culturally. In recent years, under the Thai+1 industry strategy of Japanese and South Korean enterprises, a large number of job opportunities have arisen. With the emerging of the new middle class, consumer tastes are highly malleable. Although the Lao market is rather small compare to the scale of neighboring countries such as Thailand and Vietnam, however, Thailand and Laos can be combined as one area in the plan. Enter the market which located in the crossroads of the North ASEAN can help with the later expanding to Myanmar, Cambodia, and other emerging markets.
Moreover, though Singapore is the most mature market in ASEAN countries, its influence is so great that many ASEAN buyers take it as a benchmark when merchandising. The “High Quality and Parity Emerging Markets Optimization Program” will establish the “Taiwanese Product Experience Marketing Platform” in Singapore this year. According to researcher Kenny Wang of CDRI, "This year we are collaborating with Singapore's local innovation marketing platform and logistics industry. Through this platform, we will tap more potential consumers to know more about Taiwan and to assist Taiwanese manufacturers to adjust their products before entering the market."
