||Strategic Analysis of Market Entry to Russia－Taiwanese Perspective
||Стратегический анализ рыночного входа в Россию－от Тайвана
||Executive Master's Program of Business Administration (EMBA) in International Commerce
||This thesis is to discuss the potential of Russian market, and develop a strategic analysis for Taiwanese enterprises which intend to enter the market. Taiwan-Russia trade has started since 1992. Roughly speaking, the amount of the trade was growing. However, when Russia started to change their economic strategy, and implemented the “shock therapy”, the route of economic reform was not as smooth as expected. The outbreak of financial crisis leaded to the collapse of Russian economy. In 1998, some Taiwanese businessmen couldn’t receive payment of goods or the orders were cancelled because of the evaluation of ruble. It has made those businessmen change their attitude and stop trading with their Russian counterparts. The amount of Taiwan-Russia trade became decreasing since then. Therefore, we found that Russian political and economic situations have great impact upon Taiwan-Russia trade relations.This research is taking the preliminary position that Russian political environments and Russia economic situations are the main reason which influent the economy and trade relation between Taiwan and Russia. The present Russian political and economic situations are getting better, so we forecast that Taiwan-Russia economic and trade relation will be also better in the future. We use political economy approach, historical approach, SWOT analysis, and Heckscher-Ohlin theorem to do this research, and conclude as follows:Although the Russian market depends heavily on its political and economic conditions, and risks are always there, trades between Taiwan and Russia still exist many attractive opportunities. Russia’s abundant raw materials, labor forces, and high technology are just what Taiwan needs for industrial development; on the contrary, Taiwan’s fine consumer products, management, product design, marketing, and exuberant SMEs are also what Russia needs for economic transformation. By the complementary demands, we can say that the potentials of bilateral trading, investing, and technical cooperations are still vast to be developed. We list 10 target industries according to the complementary properties between Taiwan and Russia.Under the framework of the APEC and future the WTO, the Russian economic and trading environments should be improved to comply with international standards. The demands of importing consumer products and services, and the fair competition in the market are good opportunities for Taiwanese enterprises to enter the Russian market. Some suggestions are also provided in this thesis.
||List of Tables ..... i
List of Figures ..... ii
Chapter 1: Introduction ..... 1
1.1 Research Motivations and Objectives ..... 1
1.2 Research Methods ..... 3
1.3 Research Scope and Limitations ..... 6
Chapter 2: Literature Review ..... 7
2.1 Emerging Markets ..... 7
2.1.1 Definitions ..... 7
2.1.2 The BRICs ..... 11
2.1.3 Opportunities and Risks ..... 17
2.2 Entry Models to Foreign Markets ..... 21
2.3 Barriers to Entry for Firms into a Market ..... 32
Chapter 3: Environments and Situations of the Russian Market ..... 34
3.1 Politics ..... 34
3.1.1 Constitution, Institutions and Administration ..... 34
3.1.2 Political Forces ..... 38
3.1.3 International Relations and Defense ..... 39
3.1.4 Political Transition ..... 41
3.2 Economy ..... 44
3.2.1 Economic Structure ..... 44
3.2.2 Economic Policy ..... 45
3.2.3 Economic Performance ..... 48
3.2.4 Economic Sectors ..... 54
3.2.5 External Sectors ..... 58
3.2.6 Economic Transition ..... 67
3.3 Resources and Infrastructure ..... 72
3.3.1 Human Resources ..... 72
3.3.2 Natural Resources and Environments ..... 73
3.3.3 Infrastructure ..... 75
3.4 Challenges Ahead ..... 77
Chapter 4: Strategic Analysis of Market Entry to Russia for Taiwanese Enterprises ..... 80
4.1 SWOT Analysis ..... 80
4.1.1 Analysis of Russian Market ..... 85
4.1.2 Analysis of Taiwanese Enterprises ..... 87
4.1.3 Result ..... 88
4.2 Suggested Target Industries ..... 89
4.2.1 Aeronautic and Aerospace Related Industries ..... 90
4.2.2 Computer and IT Related Industries ..... 90
4.2.3 Energy Facility and Related Industries ..... 90
4.2.4 Medical and Health Related Industries ..... 91
4.2.5 Machinery and Manufacturing Related Industries ..... 91
4.2.6 Forestry and Furniture Related Industries ..... 92
4.2.7 Communication and Household Appliance Related Industries ..... 92
4.2.8 Automobile Parts and Related Industries ..... 93
4.2.9 Beauty and Cosmetic Related Industries ..... 93
4.2.10 Other Necessities and Related Industries ..... 94
4.3 Prospects between Taiwan and Russia ..... 95
Chapter 5: Conclusion and Suggestions ..... 98
5.1 Conclusion ..... 98
5.2 Suggestions ..... 99
References ..... 102
I. Literatures ..... 102
II Websites ..... 109
Appendices ..... 111
I. The Federal Law on Foreign Investment in the Russian Federation ..... 111
II. Calendar of Fairs and Exhibition EXPOCENTR Moscow 2006－Russia ..... 125
List of Tables
Table 2-1. Major Emerging Economies ..... 8
Table 2-2. Goldman-Sachs’ Comparative Projections of BRICs and G6 ..... 13
Table 2-3. Top 10 Countries by Labor Force ..... 14
Table 2-4. Taiwan’s Investments in BRICs (up to 2004) ..... 17
Table 2-5. BERI 2005 2nd Evaluation of POR Indexes for Main Countries ..... 19
Table 3-1. Basic Data of Russian Federation ..... 36
Table 3-2. Population and Land Area by Russian Federal District ..... 37
Table 3-3. Russia’s Important Political Events ..... 41
Table 3-4. Russia’s Macroeconomic Indicators ..... 47
Table 3-5. Recent Credit Rating of Russian Federation ..... 51
Table 3-6. 2005 Index of Economic Freedom ..... 52
Table 3-7. A.T. Kearney’s 2005 Global Retail Development Index ..... 53
Table 3-8. Foreign Trade of Russia ..... 59
Table 3-9. Foreign Trade Products of Russia in 2004 ..... 59
Table 3-10. Russia’s Important Economic Events ..... 68
Table 3-11. Top World Oil Net Exporters, 2004 ..... 74
Table 3-12. Transparency International Corruption Perceptions Index 2005 ..... 79
Table 4-1. Taiwan’s Top 50 Exporting Countries (2002~2004) ..... 81
Table 4-2. Taiwan’s Top 50 Importing Countries (2002~2004) ..... 82
Table 4-3. Taiwan’s Top 20 Products Exporting to Russia (2004) ..... 83
Table 4-4. Taiwan’s Top 30 Products Importing from Russia (2004) ..... 84
Table 4-5. SWOT Analysis of Russian Market ..... 86
Table 4-6. SWOT Analysis of Taiwanese Enterprises ..... 88
Table 4-7. Major Exhibitions in Russia ..... 97
List of Figures
Figure 2-1. Overtaking the G6: When BRICs US$GDP Would Exceed G6 ..... 12
Figure 2-2. Population over Age 25 with Completed Tertiary Education ..... 15
Figure 2-3. The Largest Economies in 2050 ..... １6
Figure 2-4. Classification of Foreign Entry Modes ..... 23
Figure 2-5. The Familiarity Matrix ..... 26
Figure 2-6. Origin of Resources Employed in Alternative Entry Modes ..... 27
Figure 2-7. The Globalization Strategy Process Model ..... 31
Figure 3-1. Map of Russian Federation ..... 35
Figure 3-2. GDP and GDP Growth of Russian Federation ..... 48
Figure 3-3. GRDI 2005 Country Attractiveness ..... 54
Figure 3-4. Oil Prices, 1994~2005 ..... 71
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