ASIA’S CONCERNS

ASIA ASSESSES PROSPECTS AS WORLD RECOVERY STUMBLES

Kelly Olsen

Associated Press, August 29, 2010

SEOUL, South Korea — Talk of the global economic recovery fizzling doesn't faze Cho Byung-cheol, president of a small South Korean technology company that has already set up a branch in China and plans one soon in the United States.

The company, which designs and makes semiconductor-based high-speed data storage and processing equipment, is planning to boost its South Korean workforce of nearly 60 by half, says Cho, who founded Seoul-based Taejin Infotech Co. in 1996. Sales, which totaled only 8.4 billion won ($7 million) last year, could swell fourfold this year and reach 100 billion won next year, he predicts.

Sitting in his spacious, well-ordered office, Cho's confidence belies the grim mood that has settled over global stock markets in the past month as indicators from the U.S. to Japan show the economic rebound is running out of juice.

Asia's big corporate names from Toyota to Singapore Airlines to Samsung Electronics have ridden a wave of recovery from the world's worst downturn in decades as emerging powerhouses China and India spruced demand with massive injections of government stimulus.

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