The new industrializing countries of Asia—Perspectives and opportunities

In the aftermath of the 1974–1975 oil crisis, an increasing number of business and government leaders in Europe have advocated a reinforcement of protectionist measures in order to cope with competition from the newly industrializing countries, and in particular from the Asian ‘gang of four’. So far there is no evidence that trade with the NICs has resulted in net losses in terms of employment. The Asian NICs are eager to absorb new technology and to develop their industries towards sophisticated high value added sectors. This creates new opportunities for European companies to export intermediate products, capital goods, and to foster their foreign direct investment in the region.