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Targeting emerging markets is right strategy: official

2011/12/26 17:54:45

Taipei, Dec. 26 (CNA) Taiwan is heading in the right direction in coping with the global economic slowdown by focusing more on trade with emerging markets, Economic Affairs Minister Shih Yen-shiang said Monday.

But Taiwan needed to go beyond consolidating established customers in emerging markets by tapping into new commercial opportunities, the minister said, and he promised government support.

"Although it is more difficult to move into emerging markets, with which we're not as familiar as with Japan, the United States or Europe, the government will help develop personal contacts and pool information and resources," Shih said at a meeting with some 1,300 representatives of Taiwan-based businesses.

The minister said that despite the gloomy global economy, the country's exports to China and other emerging markets had increased 9.1 percent and 23.2 percent, respectively, during the first 11 months of 2011, compared with the same period the previous year.

Taiwan's export growth to India, South Africa and the Middle East, respectively, has even surpassed that of major trade rivals South Korea and Japan, he said.

Market research firm Global Insight has said that emerging markets would grow faster than the rest of the world in 2012, Shih said, an indication of the leading role they now play in the global economy.

The research firm has projected 5.2 percent growth for emerging markets in 2012 compared with 2.4 percent growth for the world as a whole.

Shih said Taiwan has targeted economic growth of 4.3 percent and export growth of 8-10 percent for next year, despite potentially difficult global economic conditions.

(By James Lee)
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