A World of Opportunity - USMEF's Phil Seng on Emerging Markets in AsiaMon, 18 Jul 2016 17:24:56 CDT
Over the next 15 years, Asia will be home to approximately 65 percent of the world’s middle class, according to Phil Seng and he says this is a market in which the U.S. beef industry needs to be involved.
In revisiting last week’s conversation with the U.S. Meat Export Federation (USMEF) President/CEO, Phil Seng says eastern markets such as Vietnam, Taiwan and China offer a world of opportunity. He points out that although a lot of leg work has already been put into these markets, there is still some work to be done.
“The Chinese market is a very vexing market, it has been closed since 2003,” Seng said. “We’ve had to go through all kinds of steps now to even get close to getting that market open. It looks like the major hurdle at this point and time is traceability.”
Despite these setbacks, Seng remains positive that U.S. beef will soon be flooding these markets with the help of the current administration.
“This administration is very focused on having progress with China,” Seng said. “Having our government committed to getting it done is very encouraging.”
Listen to Phil Seng talk more on emerging beef markets during today’s Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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