The global recession was a wake-up call for companies to diversify their export base and seek out new opportunities in the emerging world, said British business secretary Lord Mandelson here on Thursday.
Mandelson, who recently paid a visit to China, said at the Economist Emerging Markets Summit, held by the Economist Intelligence Unit, that many emerging markets are outperforming developed economies, and are expected to grow strongly for years to come.
Also on Thursday, UK Trade and Investment published a survey report titled "Survive and Prosper: emerging markets in the global recession," which gives fresh insights into the opportunities and longer-term strategic importance offered by emerging economies.
The report said that emerging economies, on the back of the continued high growth and market size of China and India, have outperformed those of developed countries in 2009. China was cited as the preferred investment destination over the next year.
About 60 percent of the 540 senior executives from the UK's 19 business sectors questioned in the survey said they expected to earn more than 20 percent of their revenues from emerging markets within the next five years.
Commenting on the report, Mandelson said that UK businesses should be strategic about their exports and plan for the long term. It is clear that many British businesses have been able to hedge their recession performance thanks to a strong presence in the emerging economies.
He said "the high level of integration and interdependence between developed and emerging economies is why protectionism remains such a potential threat to the global recovery and why anything that boosts trade has an important part to play in global recovery."
"We have a huge amount to gain from the stable development of China, India and the other advanced developing countries and we have a huge amount to lose if that development stalls," he added.
Source:Xinhua
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