Turkey's Soaring Influence: Taiwan with Determined Resolve: Nurturing Brand Competitiveness on the Sustainability!
Introduction: In recent years, Turkey's plastic and rubber industry has seen rapid growth, marked by continuous production and demand increases, as well as expanding export trade. The transformation of Turkey's image has been especially noteworthy. In the face of Turkey's remarkable ascent, what advantages can enable Taiwan to enhance its brand competitiveness through sustainable transformation?
The plastics and rubber industry in Turkey has experienced significant growth, with increasing production, rising demand, and a flourishing export trade. Turkey's plastics and rubber export trade is projected to continue its upward trajectory from 2019 to 2022. The Turkish government is actively supporting the industry through increased investments in research, development, and innovation.
Turkey's Strive for Shaping a National Brand: A Dramatic Surge in Global Competitiveness
Turkey, the 17th largest global economy and 6th in Europe, aims to achieve $500 billion in export trade by 2023, its centenary year, and secure a position among the world's top 10 economies. The plastic and rubber industry plays a pivotal role in Turkey's economic development. Turkey is Europe's second-largest plastics producer, with annual production exceeding 9 million tons, valued at $34 billion, over $5.4 billion of which is exported directly. Notably, the industry's annual growth rate has outpaced the country's GDP growth rate over the past decade. According to a recent report by PAGEV (Turkish Plastics Guild), the industry reached a capacity utilization rate of 75% in December 2020, surpassing the same period in 2019.
Global Impact of Turkey's Plastics and Rubber Industry, Touching More than Just Taiwan
In recent years, Turkey has placed a growing emphasis on cultivating its brand image, infusing the nation's distinctive, symmetrical, and artistic floral patterns to forge a unique Turkish national brand.Moreover, Turkey has steadily advanced its mechanical technology, leveraging its strategic geographical location to better serve European customers. These developments have left a significant imprint on the global plastics and rubber industry.
Turkey's impact on the global plastics and rubber sector manifests in the following key aspects:
● Elevated Product Competition: Turkey's geographical proximity to European countries grants Turkish enterprises easy access to machinery and equipment of the same industry caliber, allowing them to enhance machine structures through reverse engineering. Substantial advancements in technology have been made, with some enterprises attaining international prominence. This bolstered technology empowers Turkish plastics and rubber machinery and products, enhancing their competitiveness on the global stage.
● Reinforced Market Competition: Turkey's sizable domestic market and its proximity to both Europe and the United States enable timely market assessments and an agile response to market demand trends. Consequently, Turkey's market share is steadily expanding. Furthermore, the Turkish government's recent efforts to promote the export of the plastics and rubber industry have facilitated the gradual expansion of Turkish enterprises' market presence worldwide.
● Intensified Service Competition: Positioned as the "land bridge between Europe and Asia," Turkey offers convenient access to Europe, the Middle East, and Central Asia. This geographical advantage enables Turkish enterprises to provide highly responsive services. Additionally, cost-effective service solutions have given Turkey a competitive edge. This competitive edge exerts pressure on Taiwan's plastics and rubber enterprises as they seek to establish themselves in the European and Middle Eastern markets.
Taiwan's Sustained Advantages: Innovations in Technology and a Complete Supply Chain
Despite the rapid advancements in Turkey's plastics and rubber industry in recent years, Taiwan's plastic and rubber enterprises still maintain several notable advantages:
● Cutting-Edge Technological Innovation: Taiwan's plastics and rubber industry has a head start in development and boasts a technological innovation advantage. It not only possesses a wealth of research and development talent and advanced R&D equipment but also demonstrates a keen sensitivity to market fluctuations and mechanical advancements. This, combined with its deep-rooted expertise and foundation, allows it to adeptly respond to the ever-evolving market dynamics.
● Complete Supply Chain: Taiwan's processing supply chain is highly comprehensive, excelling in precision components and world-class services at every stage. The island's convenient transportation infrastructure has fostered the creation of an integrated industrial chain that ensures stable support and supply for businesses.
● Consistent Quality and Exceptional Integration: To meet rigorous global standards, Taiwan's commitment to stable product quality is highly regarded by buyers. Whether in machine design, manufacturing, or end products, Taiwan's capacity for system integration and product upstream and downstream integration positions it as a unique competitive advantage on the international stage.
● Proactive ESG Initiatives: Taiwan has been a frontrunner in addressing ESG (Environmental, Social, and Governance) sustainability concerns that have garnered global attention in recent years. Beyond verbal commitments, Taiwan has actively proposed solutions encompassing raw materials, equipment, finished products, and packaging. This proactive stance extends to recycling, with Taiwan excelling in recycling equipment, technological advancements, the reuse of recycled materials, and the development of sustainable design products. Its performance in this realm is gaining prominence within international sustainable procurement networks.
● Geographic Strategic Location: While Turkey possesses its own geographical advantages, Taiwan's central location in Asia makes it a strategic hub for global trade. Coupled with the robust growth in Southeast Asia, Taiwan enjoys a geographic advantage that enhances its global positioning in various industries.
Sustainability Paving the Way for Taiwan's Brand Competitiveness
Taiwan's plastics and rubber companies exhibit remarkable resilience and maintain a proactive and optimistic outlook in the face of rapid transformations. It is evident that these enterprises harness these strengths to sustain their competitiveness in the fiercely competitive market:
● Unwavering Technological Innovation: Taiwanese plastics and rubber firms possess a high degree of customization capabilities. They consistently bolster technological innovation, frequently introducing new products and technologies with distinctive advantages. This innovation serves as a source of value for international buyers seeking novel solutions.
● Supply Chain Upgrade to the Next Level: While Taiwan's plastics and rubber industry boasts a comprehensive supply chain, it has undergone reorganization and consolidation in response to the challenges posed by recent disruptions. This reshaping has significantly improved supply chain efficiency, ensuring greater stability while reducing costs.
● Emphasis on Client Needs: Taiwanese companies have long embraced a customer-oriented ethos, marked by unwavering patience and tenacity. They willingly collaborate with clients to explore new technologies and develop innovative products, earning recognition in the global market.
● Proactive Overseas Expansion: As an island nation, Taiwan has consistently been more proactive in expanding into overseas markets compared to other countries. This strategic approach has enabled Taiwanese companies to maintain stable growth even amidst the challenges posed by the pandemic and rapid market changes. Therefore, the continued development of overseas markets will remain a pivotal strategy for Taiwan's future.
● Brand Empowerment: Following the footsteps of internationally renowned Taiwanese brands like TSMC, Foxconn, and Giant, Taiwanese enterprises are gradually shifting their focus towards enhancing their brand power. Within the plastics and rubber industry, Taiwan has been discreetly transforming brand development. In recent years, it has garnered recognition in the global market, and the future holds the promise of Taiwan nurturing century-old brand enterprises, making the brand its strongest competitive asset.
In summary, the transformation of Turkey's plastics and rubber industry offers a dual prospect for Taiwan's counterparts - one of challenge and the other of opportunity. To secure their competitiveness in this fiercely contested arena and tap into expanded growth prospects in both Turkey and the global market, these companies must tackle the prevailing challenges with proactive strategies.
By adopting a constructive stance in addressing these challenges, we hold the conviction that Taiwan's plastics and rubber companies can effectuate a transformation into international brands, ensuring a lasting and influential footprint in the global plastics and rubber market.