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Asian entrepreneurs profiting from high-tech markets

Date 10 Sep 2007
Author The Editor

The UK's Asian entrepreneurs have seen a growth rate three times that of the national economy because of their ability to adapt to new business opportunities, it has been claimed. A study by Barclays Business Banking found that Asian wealth increased by 69% between 1998 and 2005, compared to the overall UK GDP figure of 22.8%.

There was a noticeable shift by Asian business owners towards higher value industrial sectors such as pharmaceuticals, IT and media, the report claimed.

Dr Spinder Dhaliwal, entrepreneurship lecturer at the University of Surrey, said the research showed Asian wealth creation moving away from traditional industries such as textiles and manufacturing, to more high tech and service sectors.

Satish Kanabar, corporate director of Barclays Business Banking, said: "Asian wealth is now built on a much broader base of entrepreneurs who are challenging traditional stereotypes and making serious money in high tech industries. "As a result, Asian wealth creation is more important than its headline contribution to overall economic growth would indicate. Asian entrepreneurs are actually in the vanguard of the UK's emerging high tech, service economy."

The report also found that wealth created by Asian women within the top 200 wealth creators more than quadrupled between 1998 and 2005.

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