Asia's Rising Economic Tide:
Unique Opportunities for the U.S.
By Erland Heginbotham
ISBN 0-89068-122-8
1993, National Planning Association
East Asia, the world's largest, fastest growing economic region, is undergoing transformations that are creating unique economic opportunities for U.S. business. Most important is an accumulation of $3-$5 trillion of urgent infrastructure needs -- technology and hardware -- much of which must be imported before Asia can advance its industrialization. Estensive privatization of infrastructure, led by China, has expanded demand and intensified competition for foreign construction, operation, and support services. An explosion of consumerism has flooded Asian markets with demands for products of the good life, from cellular phones to luxury cars.
This study estimates that the United States could win as much as $25 billion annually in increased exports if it pursues these opportunities effectively. Many larger American companies are rediscovering Asia, but not enough of them and expecially not enough medium and small sized companies. Moreover, Americans rarely organize the kinds of consortia that are most successful in competing for major infrastructure and development projects abroad. To be successful, American firms must develop a regional strategy. The study recommends policy changes that the U.S. government must make before the U.S. economy and American labor in particular can benefit fully from Asian opportunities.
The author, Erland Heginbotham, accumulated expertise in Asian regional economics in a wide variety of government and private sector capacities. He was Deputy Assistant Secretary of State (Economic and Commercial) for East Asian and Pacific Affairs, the first Director General of the U.S. Foreign Commercial Service, Vice President of the Overseas Private Investment Corporation, and Director of the Office of Industries of the U.S. International Trade Commission. Heginbotham joined the National Planning Association as a Senior Fellow in 1991. He founded and directed Gateway Japan, an online clearinghouse of information on Japan, cosponsored by NPA and the University of Maryland at College Park.