DCCI urges firms to tap Silk Road opportunities

11/02/2016 05:39 AST

As part of its preparation for the first Commonwealth of Independent States Global Business Forum, CIS GBF 2016, in Dubai next week, the Dubai Chamber of Commerce and Industry, DCCI, has launched a special report, ‘Tapping the Silk Road Opportunities’, in which it has encouraged UAE companies to explore investment opportunities along the new Silk Road.

The report sheds light on the economic effects of the Chinese initiative launched in 2013, known as the ‘One Belt - One Road Initiative’, OBOR, which features two massive networks - the ‘New Silk Road’ and the ‘21st Century Maritime Silk Road’. The initiative refers to land and sea routes that aim to connect the vibrant East Asia economic circle at one end and the developed European economic circle at the other, and encompassing countries with huge potential for economic development.

“This special report comes in line with Dubai Chamber’s efforts to provide a research paper to serve as the basis for UAE and GCC investors looking to expand in the countries along the Silk Road,” said Hamad Buamim, President and CEO of Dubai Chamber.

Buamim said the UAE in general and Dubai in particular has managed to reinforce its position as a major business hub in the Middle East, and the new Silk Road will give Dubai more strategic economic value to play a major role in the region as a platform for business partnerships that will boost the international economy. “Dubai will be a gateway of the new Silk Road that facilitates trade movement to the world, especially with China.”

The special report stated that over the last two decades, the world’s centre of economic gravity has moved east on the back of a large population, increased urbanisation and positive prospects of trade and investment. Asia’s future growth is expected to turn to domestic demand in view of crucial support from the expanding middle class for the vibrant domestic economy, it said.

The Gulf Today