- SMEs hard hit by multiple international crises
- Focused business development programs are in high demand
- Taiwan Excellence gives international platform to brilliant companies and products who could not otherwise afford it
Taipei, 22. September 2022 – Covid-19, Inflation, Energy crisis. The global economy cannot catch a break right now. Among those hardest hit in the business world are SMEs. This is cause for concern since SMEs form the backbone of many national economies. In Germany, for example, about 2.6 million out of a total of roughly 3 million companies are SMEs. It is often these SMEs who are drivers of innovation. They also offer employment opportunities to a vast number of people.
International trade has taken a hit
As a side effect of the Covid-19 pandemic, the global economy came to a near standstill in 2020. 2021 proved to be just a hard on the economy, given this unprecedented global health crisis, which meant restricted travel abroad, the adjustment to working from home and a rise in sick days among workers. This has meant that small and medium-sized companies with excellent ideas and brilliant new products were unable to present those ideas and products on the world stage. It has taken until this year for the world to slowly and cautiously open up again.
Diminished purchasing power puts businesses at peril
Inflation has burned a hole into the pockets of consumers everywhere. With their money now worth less, consumers have had to rethink their spending habits. This will without a doubt lead to fewer purchases of what are seen as “non-essential” and “luxury” items, such as new technological products.
Putting energy back into the ICT sector
On top of the above, an energy price crisis is currently in full swing. As families everywhere are scrambling to make sure they’ll stay warm during winter, SME’s, especially in energy-consuming industries, are struggling to stay solvent. Money that might otherwise have gone to marketing, travel, and networking now has to go towards keeping the electricity running.
Helping businesses get back out there
This is where focused business development programs can have a real impact. Especially, if they offer not only a quality label or prize money, but also international exposure. One such program is Taiwan Excellence. Every year, innovative products and outstanding companies "Made in Taiwan" are awarded the Taiwan Excellence Award – an excellence initiative launched by the Taiwanese Ministry of Economic Affairs and Taiwan External Trade Development Council. The Taiwan Excellence jury evaluates products according to strict standards and ensures that only truly innovative products are awarded. Their focus is on the criteria of research & development, design, quality, and marketing. More importantly, Taiwan Excellence then helps the awarded companies to meet the world and show off their products to interested buyers and distributors around the world.
Taiwan Excellence at IFA: exemplary help in dire times
Such was the case at IFA, the electronics trade show in Berlin that ended just a fortnight ago. Here, 14 different companies gathered under the Taiwan Excellence label with over 40 technology products from a wide range of fields. Although some internationally renowned companies such as Asus, D-Link, or Acerpure were also represented at the booth, most of the companies represented would hardly have been able to bear the costs of a trade fair appearance on their own. Amid these times of crises, is initiatives like Taiwan Excellence that help reconnect manufacturers of truly innovative products with buyers and distributors from all around the world.
About Taiwan Excellence
The Taiwan Excellence Awards were established by the Ministry of Economic Affairs in 1993. Every year, eligible candidates are subjected to a rigorous and stringent selection system that covers four major aspects of “R&D”, “Design”, “Quality” and “Marketing” to identify outstanding products that offer “Innovative Value” while satisfying the key criterion of being “made in Taiwan”. Products that have been selected for the Taiwan Excellence Awards would serve as examples of the domestic industries and be promoted by the government in the international market in an effort to shape the creative image for Taiwanese businesses.
About Bureau of Foreign Trade (BOFT)
The Bureau of Foreign Trade (BOFT), under The Ministry of Economic Affairs (MOEA) of Taiwan, is responsible for implementing policies and regulations governing foreign trade, economic cooperation, and foreign investments. Established in January 1969, the BOFT's role and position have undergone continual adjustments to meet the needs of the shifting international economic and trade environment. The BOFT has been guiding and working with the Taiwan External Trade Development Council (TAITRA) in numerous trade promotion projects and activities both internationally and domestically. Having worked closely with TAITRA for many decades, the BOFT continues to entrust TAITRA with various critical government projects relating to business trade and/or investments, promoting Taiwan on every international aspect.
About Taiwan External Trade Development Council (TAITRA)
Founded in 1970 to help promote foreign trade, the Taiwan External Trade Development Council (TAITRA) is the foremost non-profit, semi-governmental trade promotion organization in Taiwan. Jointly sponsored by the government, industry associations, and several commercial organizations, TAITRA assists Taiwanese businesses with reinforcing their international competitiveness and in coping with the challenges they face in foreign markets. TAITRA boasts a well-coordinated trade promotion and information network consisting of over 800 international marketing specialists stationed throughout its Taipei headquarters and their 60 branches worldwide. Together with its sister organizations, the Taiwan Trade Center (TTC) and Taipei World Trade Center (TWTC), TAITRA has created a wealth of trade opportunities through effective promotion strategies.
Manuel Dengler | email@example.com | +49.152.21821141