Taiwan Business Guide - Management and Business Studies Portal

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INTRODUCTION WHY Taiwan? (CONTINUED) Strong bilateral trade Most of the world, including the UK, does not recognise Taiwan as a sovereign entity separate from China, due to the political disagreement between the two. This has led to diplomatic isolation for Taiwan, but, despite this, the country enjoys a strong trade and investment relationship with the UK. Exports Taiwan is the UK’s 44th-largest export market. Only two other countries in Europe export more to Taiwan. In 2010, UK exports to the country were worth £1.05 billion, up 40 per cent on 2009. The UK’s principal exports to Taiwan are: electrical machinery; beverages; industrial machinery and equipment; metalliferous ores and metal scrap; medicine and pharmaceuticals. Inward investment There are currently around 180 Taiwanese companies with an active presence in the UK. In 2009/10, 13 more Taiwanese firms established a presence in the UK, including specialists in ICT, biotechnology and healthcare. This helped to create and safeguard over 200 jobs. Seventy per cent of all Taiwanese investment in Europe comes to the UK and nine of Taiwan’s leading financial institutions are represented here, including the Bank of Taiwan, the Central Bank, the Financial Supervisory Commission, Chang Hwa Commercial Bank and SinoPac Securities. Imports Imports from Taiwan to the UK were worth £2.9 billion in 2010, up 38 per cent on the previous year. Taiwan is the 32nd-largest supplier of goods to the UK. The UK’s principal Taiwanese imports are: office machinery and automatic data processing systems; telecoms and sound recording/ reproducing equipment; electrical machinery and miscellaneous manufactured articles. 8
uk trade (goods only) with taiwan 2003-2010 (£ thousands) 2003 2004 2005 2006 2007 2008 2009 2010 UK exports 903,977 952,909 944,892 912,853 938,618 836,298 750,472 1,048,840 UK imports 2,254,791 2,395,505 2,267,258 2,390,453 2,421,774 2,482,862 2,095,982 2,892,369 TOP TEN UK importS OF GOODS TO taiwan IN 2010 (£ MILLIONS) Item 2010 Telecoms and sound recording and reproducing equipment 597 Electrical machinery and appliances 313 Office machines and adp machines 272 Road vehicles (including air cushion vehicles) 271 Miscellaneous manufactured articles 251 Manufactures of metal 230 General industrial machinery and equipment 97 Power-generating machinery and equipment 77 Professional, scientific and controlling instruments 67 Furniture and parts thereof; bedding, mattresses etc 59 TOP TEN UK EXPORTS OF GOODS TO taiwan IN 2010 (£ MILLIONS) Item 2010 Metalliferous ores and metal scrap 123 Beverages 110 Power-generating machinery and equipment 95 Medicinal and pharmaceutical products 90 General industrial machinery and equipment 64 Machinery specialised for particular industries 58 Electrical machinery and appliances 57 Miscellaneous manufactured articles 43 Professional, scientific and controlling instruments 38 Iron and steel 36 Source: BIS analysis of HM Revenue & Customs data 9
Page 1 and 2: HELPING YOUR BUSINESS GROW INTERNAT
Page 3: CONTENTS INTRODUCTION Why Taiwan? 4
Page 6 and 7: INTRODUCTION WHY Taiwan? (CONTINUED
Page 10 and 11: INTRODUCTION WHY Taiwan? (CONTINUED
Page 12: INTRODUCTION WHY Taiwan? (CONTINUED
Page 15 and 16: Market strengths These are the esse
Page 17 and 18: RESEARCHING THE MARKET WHERE TO BEG
Page 19 and 20: Events and seminars UKTI organises
Page 21 and 22: Export Communications Review (ECR)
Page 23 and 24: Taichung is situated in west-centra
Page 25 and 26: Taiwanese taxes and must file tax r
Page 28 and 29: Market Entry Establishing A Presenc
Page 30: Market Entry Establishing A Presenc
Page 33 and 34: Getting Started Due Diligence Many
Page 35 and 36: • Recruitment companies such as A
Page 38 and 39: Getting Started marketing To reflec
Page 40 and 41: Getting Started INTERPRETERS While
Page 42 and 43: Business Issues and Considerations
Page 51 and 52: Labelling and packaging regulations
Page 59 and 60:
Buses Taipei has an extensive bus n
Page 61 and 62:
Taiwanese Culture Politics China ha
Page 63 and 64:
Taiwanese Culture Religion Taiwanes
Page 65 and 66:
Customs & regulations HM Revenue &
Page 68 and 69:
HELPING YOUR BUSINESS GROW INTERNAT
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