Taiwan’s Industrial Technology Research Institute and Japan Research Institute Ltd. inked Feb. 16 in Taipei City a memorandum of understanding on developing products and services for seniors, paving the way for local firms to better tap this lucrative niche market in the East Asian country.
Under the pact, the two organizations will start conducting joint consumer research this year in an effort to fully explore and understand the needs of seniors. They will also share experiences and assist firms in confirming the accuracy and reliability of market research for product prototypes.
It is expected that such information will prove particularly valuable for Taiwan businesses looking to dip their toes or grow their trade footprints in the Japanese market.
According to Jim Chung, deputy director-general of ITRI’s Industrial Economics and Knowledge Center, Taiwan is the fastest aging society in the world, while Japan boasts extensive experience in overcoming the challenges presented by its large number of seniors.
The partnership will help Taiwan companies develop creative business models and explore additional opportunities, he said. It will also play an important role in bringing related local sectors up to speed on market developments worldwide and introducing advanced applications incorporating innovative concepts, he added.
IEK estimates the local market value for senior-related industries will reach NT$3.59 trillion (US$116.59 billion) in 2025, with the lion’s share of business stemming from educational and recreational activities, financial and insurance services, living care needs and medical care.
In response, JRI Managing Director Hiroshi Matsunaga expects the two sides to leverage their respective advantages and establish a world-class platform for collaboration involving academia, the private sector and research organizations. This will lead to more business and collaboration opportunities between the two sides, he said.
Headquartered in northern Taiwan’s Hsinchu County, ITRI is a government-supported nonprofit R&D organization established in 1973 to help local industries stay competitive and sustainable through applied research and enhanced technical services. It functions as a driver of transformation in Taiwan’s industrial sectors, including electronics, information communications technology, machinery and semiconductors. ITRI supports over 15,000 local companies each year, with 73 percent small and medium enterprises—the backbone of Taiwan’s economy. (SFC-E)
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