The Evolution of “Factory Asia”
Posted: May 13th, 2013 | Author: Tingdong Lu | Filed under: Asia-Pacific, Economics, Government, Governmental Policies, Indonesia, International Business, International Relations | Tags: ASEAN Community, Asia, Factory Asia, low cost
Nike factory in Vietnam
These two simple words “Factory Asia” can visually define Asia’s growth performance over the last two decades. The first impression of Asia from Western aspect would be growing population that can provide cheap and abundant labor. However, the map of products produced and traded by Asian economies rapidly changed from low value sectors (i.e. agriculture) to manufacturing and services in recent years. According to the conference record from the 46th Annual Meeting of The Board of Governors in Delhi in May, 2013, developing economies in Asia have revealed remarkable growth over the past few decades. Meanwhile, strong growth combined with visible reductions in poverty has encountered a setback during the global financial crisis. Hence, in order to absolutely implement the innovation of Asian economy, the relevant actions and adjustments must be carried. Read the rest of this entry »
