Thursday, 4 April 2013

Persian Gulf Region Prepares For Global Economic Growth

Recently in Abu Dhabi, UAE, the 3rd annual World Ports and Trade Summit 2013 was held with more than 700 global port operators and key industry players attending. On the opening day of the Summit, the UAE Minister of Economy said that the development of ports’ infrastructure must be reinforced with modern logistics infrastructure and new industrial zones in order to capitalize on the Gulf’s potential in global trade. The region recognizes that by having the best transport infrastructures in place, it gives them the best opportunity to compete and succeed and provides a solid foundation for growth for decades into the future.

One very important forecast that was addressed at the Summit, confirmed what many industry analysts have been saying for some time now. That the world economy, despite the financial problems in the west, is heading for an economic boom that could see it double before 2020, due mainly to the growth of the world’s emerging consumer markets.

While the Gulf countries must continue to explore potential opportunities around the world, there is a need to foster greater trade ties with these emerging economies in particular, as they are forecast to account for almost half of global GDP by 2020... and are projected to account for around 45 per cent of the global output by 2025.”- UAE Minister of Economy

The new emerging markets around the world previously contributed little to the wealth of the overall global economy, and combined, represent half of the total global population. As the global economy grows to record levels in the next few years, any country or region looking to participate is going need to have the right infrastructure in place in order to be competitive. The investment community would be wise to take notice that the countries in the Persian Gulf are going to be major contributors and that they have created an enticing investment climate, that is attracting foreign investors to the region.

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