Dubai – MENA Herald: As part of its preparation for the first Commonwealth of Independent States Global Business Forum (CIS GBF 2016) in Dubai, to be held on February 17 and 18, Dubai Chamber of Commerce and Industry 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.
“The special report, ‘Tapping the Silk Road Opportunities’, 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 His Excellency Hamad Buamim, President and CEO of Dubai Chamber.
HE 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, HE Buamim added.
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 urbanization 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 report said the objective of the OBOR is to enhance growth in China’s underdeveloped areas, especially the western parts of the country. This will increase connectivity and economic development along both OBOR land and sea routes through the movement of goods, services, information and people and the exchange of culture, integrating China’s economy with its neighbours, it said.
It pointed out that the UAE is located along ‘China – Central Asia – West Asia economic Corridor’ that pass through the CIS region, one of the priority investment and trade regions for UAE and Dubai businesses. This corridor is considered as important gateway for oil and natural gas running to Xinjiang from the Arabian Peninsula and Turkey, it said.
The report urged UAE and Dubai businesses to explore opportunities along OBOR economic corridors. It said major investment projects are likely to focus on areas such as infrastructure construction, including facilities relating to roads, shipping, aviation, energy and communications. Agriculture, forestry, animal husbandry and fisheries, including the production and processing of related products were also identified as key areas. Other areas in the report include oil, gas, energy and metal ores, including cooperation in exploring and developing traditional and new energy resources.
The first edition of CIS GBF will be organised in Dubai by Dubai Chamber from February 17-18, 2016, and addressed by eminent speakers, including world class business and economic leaders as well as global investors, focusing on key topics related to the changing realities of economic cooperation in the CIS.