UK targets emerging Asian markets

Business Secretary Vince Cable says the UK will target business opportunities in Asia in acknowledgement of the importance of emerging markets to British business.

In a statement, Cable said: “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.”

Meanwhile the British Embassy in Manila has identified 12 key Asian markets - Indonesia, China, India, Hong Kong, Taiwan, Singapore, Malaysia, Japan, Thailand, Vietnam, South Korea, as well as the Philippines.

These Asian economies accounted for 10.3% of Britain's export shipments in 2009, which were worth £23.2 billion.

According to a 2009 survey commissioned by UK Trade & Investment, the Philippines is also among the Top 10 global emerging markets where companies would be likely to enter during the next five years.

Other emerging markets that placed in the survey were India, China, Brazil and Russia.

British Ambassador to the Philippines Stephen Lillie, meanwhile, said that the Asian country has a “promising future” due to its natural resources, English-speaking workforce and strategic location.

Mr Lillie said: "The Philippines has engaged over nine years of continual economic growth. We hope that the incoming Philippine administration will take active measures to make the country an even more attractive place to do business, including by curbing corruption and investing in infrastructure."