In his keynote address to the conference, HE Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said the focus was shifting away from developed economies to emerging ones. "The gulf region must be prepared to adapt to the new challenges ahead and take advantage of the new opportunities that will evolve," he said. "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.”
He said the ports and shipping trade could not afford to ignore the rise of four key emerging economies. "By 2050, four of the top five economies will come from the developing world, China, India, Brazil and Russia, and the collective economic output of these countries will match the economic output of G7 countries by 2032. This is less than 20 years away."
HE Jamal Majid Bin Thaniah, ceo, Port & Free Zone World and vice chairman, DP World UAE said infrastructure development was a key facet of economic progress in the MENA region. “Some $2.5trn worth of development projects are planned or underway across the Middle East region over the next ten years, which, when combined with the shift eastwards in the centre of (economic) gravity, will give the region a competitive edge. We in the region should capitalise on this with continued investment in the port sector to support that growth,” he said.
"Despite three years of post-global financial crisis gloom, we are forging ahead with global port expansion and committing billions of dollars to [port] infrastructure," said Grant Gilfillan, ceo and director, Sydney Ports Corporation and First Vice President, International Association of Ports and Harbours, Asia and Oceania. "[In] Sri Lanka, Taiwan, Shanghai, and right here in Abu Dhabi, new ports [represent] a 100% commitment to harvesting future trade."
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