Growing opportunities in middle class markets, exporters told
KUALA LUMPUR: Growing middle class clusters in China, India, Asean and Africa offer Malaysian exporters opportunities to tap changing trends and patterns of trade.
"As the percentage of the middle class increases in these countries, consumption and demand patterns will be different and this will impact trade and this is something which Malaysian exporters must be aware of in their promotions," said Minister of International Trade and Industry Datuk Seri Mustapa Mohamed.
He was speaking after the opening of the two-day TPO Network World Conference and Awards 2012, held in Malaysia for the first time. The TPO Network looks at what trade promotion organisations or TPO can do to come up with innovative solutions to better serve exporters and enter new potentially profitable markets.
Mustapa said countries in Africa are also better organised now and enjoying good growth but most importantly, there are changing trends by the middle class bracket.
"Apart from the demand for goods and physical items, the middle class is using services more as a proportion to the consumption."
Within the Asean region, he added, the growth of the 10-member grouping has enabled the expansion of the middle income bracket, opening opportunities for trade.
The single regional market known as the Asean Economic Community takes shape in 2015 with 600 million people.
"The close economic integration from with the Asean region as well as within Asia with 70 per cent intra trade is good in weathering the current environment in the US, Europe and its peripheral markets."
The trade minister said Malaysia hopes to double its trade with Asian economic giants China and India in five years
Read more: Growing opportunities in middle class markets, exporters told http://www.btimes.com.my/Current_News/BTIMES/articles/rup18b/Article/#ixzz29hRQ9mRl
Source :Business Times
Date : 19 October 2012
Today's Pick (19/10/12/186/881)
No comments:
Post a Comment