Denmark to boost exports to 6 emerging economies

The Danish government is revising its strategy to boost Denmark's exports to six emerging economies, on top of Brazil, Russia, India and China (BRIC), by 50 percent over the next five years, the Foreign Ministry said here Thursday. South Korea, South Africa, Vietnam, Turkey, Indonesia and Mexico will be on the map of the new strategy enacted last May. The strategies for the BRIC-plus-six emerging markets is expected to raise the value of Danish exports to these nations to 90 billion Danish kroner (15 billion U.S. dollars), up from 60 billion kroner over the next five years, the Foreign Ministry said in a statement. "We face a great challenge in finding a foothold in new markets," said Danish Trade and Investment Minister Pia Olsen Dyhr in another statement released through the foreign ministry. "We have been slow in seeing the potential in the next wave of emerging economies, and we are trying to catch up on trade lost with the BRICs," she added in the statement. The government believes Danish industries can make use of their traditional strengths in areas such as life sciences, renewable energy, clean water technologies, shipping, and food safety products, and export their know-how and products to emerging economies. Exports make up some 50 percent of Denmark's GDP, with around 63 percent of exports heading for European Union (EU) countries and other markets. But as Danish exports to the EU decline owing to the economic crisis in the 27-member block, the country is looking to emerging economies to pick up the slack in demand. It also sees export to emerging economies as a crucial driver for economy growth and job creation in the Danish economy.