An IMF report (June 2010), predicts that Asia's economy will grow by 50%
over the next five years and the IMF's October 2010 World Economic Outlook
confirms that Asia continues to lead the global recovery.
"If we are
looking for growth, we should be looking to Asia. Asia is driving the global
recovery and its growing middle classes are seeking more of what we can produce.
China represents the biggest source of
demand in the world for many of the products that we in the UK have to
offer.”
Mr. Vince Cable
Business Secretary and
Co-Chairman Asia Task Force
"Right across the board
there are opportunities for doing business in Asia, indeed better opportunities
than anywhere else in the world. For the simple reason that Asia is where the
growth is, especially at a time when the advanced economies of the western world
are only slowly emerging from the down-turn of the last few years.”
Lord Powell of
Bayswater
Co-Chairman, Asia Task
Force
The first full meeting of the Asia Task Force was held on 27 October
2005. It is made up of members from the private sector and from academia and was
established to work with Government to help British companies win a
significantly bigger share of business in the world's fastest growing markets in
Asia.
Lord Powell of Bayswater, Co-Chairman of the Asia Task Force gave
a speech at a Business in Asia meeting of experts in London on
16th February 2011. Some of the salient remarks were:
"You really don't have to be a genius to see that Asia's markets are where the real opportunities lie. Economies some of which are growing in double figures. Rapidly rising populations of aspiring middle class consumers. Huge infrastructure projects. And an appetite for the things which Britain is good at. Sophisticated aircraft engines. Advanced technology of every sort. Banking and finance. Retail. Education. Food. Consultancies.”
That's not just a temporary phenomenon. It's a pretty safe bet that Asia's growth is set to last for the long-term. Okay, there will be short term ups and downs. But all the factors are there for sustained growth: urbanisation, rising living standards, demand for the quality of life and life-style that were previously the preserve of our own countries. The scale of Asia's economies is breath-taking, with China overtaking Japan as the world's second largest economy, India coming up rapidly behind many other Asian countries benefitting from the regional upsurge, several of them like Indonesia huge markets in their own right. We really are entering a new world with the balance of economic power and wealth shifting inexorably towards Asia. The prizes will go to those who are quickest to understand the significance of that, and make Asia their priority for their businesses.
British companies can't afford to lag behind and miss out on the opportunities.”
Asia is regaining the economic dominance it enjoyed a millennium ago - but it still has some way to go. This videograhic (Asia's growing economic power) from The Economist, shows the economic potential of the rising east.
Asia Trade Experts are active in the emerging markets of Asia, we have first-hand experience of those markets, having established our own businesses and those of our clients.