Are you tapping the Asian market?

• Author: Zheng, Jie Jay
• Position: GUEST [column]

By 2010, India will surpass Japan in purchasing power, according to a recent Morgan Stanley research report. By 2020, China will surpass the U.S. in purchasing power. And, most startling, by 2041, China will become the world's largest economy. As astute business people, it's critical we recognize the importance of the emerging Asian market in the global economy.

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How can we effectively tap the Asian market and also develop new U.S. markets? We need culturally sensitive professionals who understand Asian cultures and business operations if American businesses are to be successful in these growing markets.

A key to American success in the Asian market is connecting with Asian-American professionals, the youngest, fastest-growing and best-educated work force in the U.S. This is why "Leadership at New Heights: Cultivating Leaders for Today and Beyond" is the theme of the 2009 National Association of Asian American Professionals (NAAAP) Convention coming to Denver in August.

According to the U.S. Census Bureau, Asians currently comprise only 5 percent of the U.S. population, but Asian-American populations will grow more than 200 percent by 2050, An impressive 48.4 percent of Asians hold a bachelor's degree or higher. Moreover, Asians comprise 15 percent of the Ph.D.s in engineering and 13 percent in computer science. Asian-Americans are also close to their countries of origin. In Colorado, for example, more than 70 percent of Asian-Americans are first-generation.

Increasingly the term "diversity and inclusion" has expanded to talent development and multicultural marketing, in addition to supplier diversity, on a worldwide basis. The global economy requires a new approach to the talent development and diversity recruiting, including promoting and leveraging Asian-American talent and leadership as facilitators for market growth and sustainability.

"The next generation of global leaders will cross different cultures and societies with sensitivity, understanding and appreciation of the people and practices within," according to the CEO panel at the 2006 Asian Leadership Conference. "Those companies who 'get it' will have a greater success rate than those who don't."

Moreover, the Asian-American market is an important segment with great business-to-business and business-to-consumer growth potential. In 2002, Asian-Americans owned 27 percent of all minority-owned business in the U.S. In 2006, the median...