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Magazine digest -- Taiwan company explores African market
2010/07/30 20:25:45 |
With "Made in Taiwan" products, a Taiwanese engineer-turned-businessman has found his niche in Africa and sells goods worth several million U.S. dollars on the continent every year.
Mike Hung gave up his engineering job at China Airlines and founded his own company in the 1970s, inspired by successful Taiwanese companies that profited from doing business with oil producing countries in the Persian Gulf.
However, the market for affordable consumer products in the Middle East shrank in the 1990s and Hung followed in the footsteps of Lebanese businessmen, who have long grasped the importance of the African upper-class market.
Hung found out Taiwanese are generally welcome in Africa as many countries there have received assistance from Taiwan's agricultural missions and some members of the missions have settled down and become parts of communities.
These overseas compatriots later became Hung's main customers and used their local connections to help him expand in Africa. Hung is now doing business in more than 10 countries on the continent.
"Don't think Africans are poor! " said Hung, who now heads the Taiwan Africa Industry Development Association, which helps Taiwanese companies invest and trade in Africa.
Hung said Taiwanese products are popular among the continent's middle class as they are cheaper than European or Japanese goods, yet more durable than goods made in China.
"Appliances that run on batteries or solar power such as alarm clocks, flashlights and radios are selling well, while everyday items like slippers and kitchenware are in high demand too," Hung said.
Hung suggested businesses interested in the African market start with wealthier countries in the continent's north or south as there are direct shipping routes to Taiwan and transportation fees are lower. He also stressed the importance of receiving payments before shipping.
"As long as you make efforts, Africa is certainly a rewarding market," Hung said with his more than two decades of experience. (Cheers 118)(translated by Kay Liu) enditem/bc
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