Former HSBC chief executive Michael Geoghegan coined the term CIVETS to describe Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa as the next generation of fast-growing economies. Geoghegan said: “Each has a large, young, growing population. Each has a diverse and dynamic economy. And each, in relative terms, is politically stable.” So if you’re looking for your next international trade destination, why not consider one of the following markets in your export plan?
Latin America’s third-largest country offers opportunities in a wide range of sectors, particularly in the pharmaceuticals, chemicals, machinery and beverages sectors.
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As the world’s fourth most populous country, sixteenth most prosperous and the largest economy in South East Asia, Indonesia is a big country full of big opportunities. With a growing affluent consuming class of around 45 million, the demand for quality goods is strong – which Irish businesses can certainly cater for.
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Vietnam has one of the most vibrant economies in Asia, second only to China. It has a large population of almost 89 million, of which over half is below the age of 30, creating a culture of enterprise.
The European Union works closely with Vietnam under the framework of a Partnership and Cooperation Agreement and negotiations for a Free Trade Agreement are underway.
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Egypt is strategically located in the centre of the MENA (Middle East and North Africa) region and bridges the continents of Asia, Africa and Europe, making it a hub for international trade between the regions.
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Turkey is an intriguing market for Irish businesses. Sitting at the crossroads of Europe and Asia, it opens up wide opportunities to reach different markets with very different needs and requirements. And with its drive towards full European Union membership in full swing, the Turkish economy is expected to be the second-fastest growing economy in the world by 2018.
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Although South Africa is often grouped in with the BRIC countries, Geoghegan thought the nation is better placed as part of the CIVETS due to its young population and growing economy. A diverse country with numerous origins, cultures and languages, South Africa offers opportunities in a range of sectors.
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Also have a look at our BRIC and MINT pages for more information on emerging markets.