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TAIPEI: Gerard Lyons, chief economist of the British Standard Chartered Bank, expressed confidence yesterday in Taiwan's economic prospects and suggested that Taiwanese companies seize on business opportunities on the mainland.

The mainland economy will lead Asia out of this recession both directly through increased demands and indirectly through increased confidence, Lyons said at the 11th Joint Meeting of the Taiwan British Business Council (TBBC) in Taipei.

Taiwan, like the UK, is an industrial economy but it should transform to a more service-driven one by investing in R&D and knowledge-based capabilities, he suggested.

With regard to the global economy, the turning point is near, Lyons said.

"The positive factor is that the economy is likely to hit bottom this autumn and recovery will become evident next year," he forecast.

However, Standard Chartered believes recovery in the West will be difficult, he added.

He predicted that Asia would come out of the recession sooner than the West, but the region would not return to the levels of the boom years, as it would need a strong America, Britain and Germany for that to happen.

"You will see growth and exports return to the levels of 2002-2004, not to the levels of 2004-2007," Lyons said. "A very important message is that rebalance in this region will need to see Asia spending more and saving less."

David Campbell, director of the Taipei-based British Trade and Cultural Office, also expressed similar views about Taiwan's economic prospects.

He said at the meeting that the improved cross-Taiwan Straits relations over the past year have greatly benefited both Taiwanese and British companies in the region and that many British companies have expressed interest in development in Taiwan.

"This is a very good time for us to be raising the awareness in the UK of the changes and the new opportunities in Taiwan," Campbell said.

China Daily/CNA

(HK Edition 06/10/2009 page2)