New Southbound Policy countries collectively are home to a rapidly growing market with a large young population and immense domestic demand that holds great potential for Taiwanese companies. With the aim of helping Taiwanese firms seize business opportunities, the Bureau of Foreign Trade of the Ministry of Economic Affairs launched the New Southbound Innovative Marketing Development Plan in 2019. By developing an innovative marketing model that employs digital technology and new media, we are assisting consumer product manufacturers expand their markets in southeast and southeast Asia. Since its implementation, we have counselled more than 200 manufacturers, developed more than 300 foreign buyers, and created around $35 million in business opportunities, to some positive results.
In 2020, the initiative focused on India, the Philippines, Vietnam and Thailand in conducting market research and exploring business opportunities and trends. The initiative develops innovative marketing models and helps businesses use more cross-border e-commerce and digital marketing technology to expand. For instance, we assisted manufacturers with putting their products on one of India's major e-commerce platforms - Amazon India, which in combination with promotion programs, solved the common newcomer problems of lack of cash flow, logistics, and media exposure. Furthermore, we set up an online interactive purchaser's guide, which embeds products in our promotion of Taiwan's local culture and tourism. The website had a positive effect on buyer interest, earned great exposure in Vietnam and the Philippines, and attracted close to 50,000 views online, winning much praise from buyers.
To continue assisting manufacturers seize these business opportunities, the initiative in 2021 will adopt a more innovative promotion model. Business exploration will be conducted in Nepal and Bangladesh, both undeveloped markets with huge potential for growth. We also plan to help businesses expand their markets in Pakistan through digital marketing as well as develop the Myanmar market. It is hoped that through such efforts we invest more into selling our products to the New Southbound market. For more information on business in the New Southbound market and the promotion campaign, please visit: https://mvp-plan.cdri.org.tw/