April 15, 2012
Trade corridors between
and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors said
(MENA) and China Forum held in the UAE today. Emphasising the growth of
as a trading powerhouse, HSBC added that
is poised to become the world's largest trading nation by 2016 and will account for 12.3% of world trade by 2026.
Outlining the importance of trade relations between
and the MENA region,
His Excellency Sheikh Nahayan Mabarak Al-Nahayan, UAE Minister of Higher Education and Scientific Research, Chancellor, Higher Colleges of Technology
said at the event:
maritime, aerial, and electronic Silk Road extends between
and the Middle East and
. That is why you are here today.
"Although economic growth comes from increasing productivity, most increases in productivity result from education, research, and innovation-those activities that mark high-imagination-enabling countries. In particular, we must be HIEs [high-imagination-enabling countries] in regard to sustainability.
"Our new Silk Road extends within a global environment, and at every turn our new Silk Road could threaten that very environment. Our imaginations-your imaginations today-must create new and better ways to keep the road open and keep the environment sound.
"I hope that you will foresee ways for making the new Silk Road an avenue of shared space. We are no longer separate. We can no longer depend on conventional signs and directions. We must respect all travelers for what they are and what they offer. We must ensure that, as in the tenth century, "there is no obstacle between us and
The latest HSBC Trade Connections report, issued in
, highlighted that
is currently the MENA region's second largest trading partner after the
. Three out of five of
overall top emerging importers are oil importers from within the MENA region:
. Each is forecast to grow above 14.00% annually over the next 5 years to 2016.
Commenting on the long term business opportunities of
trading in China
David Eldon, Chairman
, HSBC Bank Middle East Limited,
said at the event: "
Whether this is a good time to be looking to China for business opportunities ultimately comes down to one's perspective.
n emerging market,
is a place where patience is and will continue to be required.
considerable longer-term opportunities - due to the country's overall growth potential, due to its expanding and increasing affluent middle class, due to its growing footprint in the global economy.
HSBC continues to see global connectivity shift to the East and across global Emerging Markets and re-affirms that international trade remains vitally important in part assisting in global economic recovery. Supporting this, HSBC Global Research recently highlighted that by 2050, 19 of the top 30 economies will be Emerging Markets. Faster Growing markets will contribute twice that of Developed Markets to global growth.