Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Comvita Opens Branch Office In Taiwan

Comvita Opens Branch Office In Taiwan

Export-oriented marketer of natural health products, Comvita Limited, has opened a branch office in Taiwan, the world’s second largest market for propolis, Comvita’s most lucrative export product.

The move adds to the company’s physical offshore presence in Japan, Hong Kong and Australia.

Taiwan is viewed by Comvita as a market of untapped potential for its health products. It has been exporting products there since the early 1990’s. The decision to open an office in Taiwan was made in order to further realise this potential.

Charged with the overall responsibility for the new project, Comvita’s sales and marketing manager Scott Coulter has led the move to establish the Comvita Taiwan Branch Office in Taipei.

“Marketing control by way of a subsidiary company will provide opportunities for flexibility on pricing, increased distribution and investment in marketing, as well as an improved margin,” he says. “It will also enable us to more effectively advertise and promote our products within the Taiwanese market, as well as closely partner our local distributors.”

Coulter says there’s a ready market in Taiwan for Comvita products based on New Zealand-sourced propolis which is recognised as being technically superior.

This is confirmed by Comvita’s Asia regional manager, Sam Tsoi, who is responsible for sales growth and distribution in Taiwan.

“Our Taiwan branch office now presents us with a key opportunity to achieve growth in sales to Taiwanese resident in that country following their initial exposure to the brand in New Zealand,” says Tsoi.

He refers to the large number of Taiwanese, and Asians generally, holidaying or residing in New Zealand who purchase Comvita products here.

“We have several outstanding opportunities lined up to capitalise on the brand awareness generated by our marketing activities in New Zealand.”

Tsoi says having a physical presence in Taiwan will facilitate growth and assist Comvita in developing the marketing infrastructure required within that unique market.

Comvita’s expansion into Taiwan is a continuation of a New Zealand export success story. It has won numerous export and business awards, including the 2003 New Zealand Trade & Industry Consumer products Exporter of the Year Award.

New Zealand Trade and Enterprise will provide financial assistance for the Taiwan branch office project through the Growth Services Fund. The grant will enable Comvita to advance the project and will assist with initial expenses.

The company’s long-term strategy of investing in key offshore markets seems to be paying off with export revenues making a major contribution to its profits. Comvita’s sales have been growing over the past five years at a compounded rate of 23 per cent.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Ongoing Monetary Tightening
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 3 percent from 2.5 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions... More>>



Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>



Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Electricity Authority: Imposes Interim Restrictions On Very Large Electricity Contracts

Consumers of electricity will be protected from potentially paying more than they should due to the impact of very large electricity contracts on wholesale prices, under urgent changes announced today by the Electricity Authority... More>>


Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>


Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>