Dignitaries, key decision makers, experts and business leaders from different regions have been attending the three-day summit that will run through Wednesday (March 30).
According to Sheikha Lubna, estimated non-oil trade in the UAE climbed 14 percent between 2009 and 2010 to reach $205 billion, accounting for more than 70 percent of national GDP. “The UAE’s foreign trade sector contributed over 15 percent of its GDP in 2009,” she added while stressing its importance.
She said that the UAE was home to some of the world’s top 10 container ports located just hours away from leading Asian and European markets.
“The global ports community was able to score a major victory last year, when it was able to survive the 10 percent drop in container volume recorded in 2009,” she said, adding that maritime trade operators and ports realized the need to further rationalize freight rates, increase shipment speeds and control environmental impacts in order to remain competitive in a tightening industry.
The summit will discuss the recovery that influences the pattern of trade as the world economy moves out of recession. The intra-Asian trade’s expected most significant growth in 2011, driven by economic growth in China and India, the major freight markets performance, given the massive order book for new capacity for the major bulk and container trades, as well as the principal drivers of growth in the Middle East region as the region invests heavily in new port infrastructure, are among the other related topics to be discussed.
