Indonesia. A population of 188 million and a GDP projected to grow at seven percent annually through the end of the decade, make Indonesia a regional economic driver, whose growth will result in further economic expansion into neighboring markets. Demand for consumer goods, particularly in Jakarta, is expected to grow rapidly. Private consumption, currently in the range of $75 billion a year, should exceed $100 billion by the year 2020.
India. Historically one of the world's most closed and difficult business environments, India has begun a measured but steady movement toward a more open, market-oriented system. Indian imports from the United States rose by 44 percent last year to a record $2.8 billion. India's huge population of nearly 900 million, with a "consumer" class of over 100 million people, and its diverse and relatively developed industrial base (the world's 12th largest) make it a market with potentially unprecedented commercial opportunities.
South Korea. South Korea is our eighth largest trading partner, receiving $14.8 billion in U.S. exports However, it is one of the most difficult destinations in Asia for exports of goods and services, and for foreign investment. Potential rise in income levels, combined with Korea's 44 million people, could create an appealing and dynamic consumer market.
Mexico. Mexico's 87 million consumers make it the 11th largest market in the world. Mexico's economy is growing rapidly, pulling in durable goods and industrial materials to modernize infrastructure and plant facilities. Almost all of Mexico's imports of these materials come from the United States.Argentina. The Argentine market -- 33 million people with the highest per capita income in Latin America and an advantageous agriculture and natural resource base -- has been the world's third fastest growing economy for the past years. In addition, the integration of the economies of Argentina, Brazil, Paraguay, and Uruguay into the "Southern Common Market" (Mercosur) by 1995-96 created a broader potential market of 200 million people.
Brazil. In 1990, the Brazilian government began significant market liberalization efforts, lowering import duties from over 100 percent to a current average of 14 percent and reducing trade and investment barriers. U.S. exports to Brazil amounted to $6 billion , placing Brazil among our top 20 export markets in the world. The United States continues to be the top supplier to Brazil, accounting for almost one-third of total Brazilian imports.
Turkey. Turkey has become an important market for U.S. firms. Real GNP growth has averaged five percent annually since 1981. Despite the worldwide economic slump, GNP grew by 7.5 percent . Turkey's foreign trade sector has surged even faster than the economy as a whole. The Turkish government strongly encourages foreign investment and has made major strides in the last decade to enhance the investment climate. Major infrastructure projects include the $30 billion Southeastern Anatolia
The Big Emerging Markets will be the competitive battleground of the future. Japan, Europe, and several developing countries can be expected to be fierce rivals in these markets.