Bhai Zakir
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India set to be Menastop trading partner
India and the Mena nations have been trading for many centuries and the opportunities certainly remain strong today
Dubai: India will remain a top five trading corridor for the UAE, Egypt and Saudi Arabia, according to HSBCs latest Trade Forecast report.
India and the Mena nations have been trading for many centuries and the opportunities certainly remain strong today. Its no surprise that India is a top five trading partner with each nation in the Middle East and North Africa group. With its huge population, rapidly growing middle class and capabilities in industrial and post-industrial sectors, India is a market with considerable potential, said Tim Reid, Regional Head of Commercial Banking of HSBC Middle East and North Africa speaking at HSBCs Mena-India Conference on Wednesday.
The recent HSBC Trade Confidence Index puts India at the highest spot at 142 points. The HSBC Trade Confidence Index reports a positive outlook for world trade prospects over the next six months, as companies expect demand to increase, said the HSBC Global Connections Report.
HSBC has forecast India to emerge as UAEs top export destination by 2030 accounting for 14 per cent of exports, and Saudi Arabias second largest export destination accounting for 18.5 per cent of exports.
India is already Egypts number one export destination and will maintain that position through to 2030, accounting for 15.4 per cent of exports.
The prospect of Expo 2020 in Dubai and other infrastructure projects in the region offer excellent opportunities for Mena businesses to bring the chance to benefit from Indias know-how into the region with new partnerships. Indias strength in industrial and information technology can also help Mena businesses support the regions political programme of economic diversification, said Reid.
The Trade Forecast predicts that globally by 2020, India will overtake the USA to import the highest share of goods for infrastructure as it invests in building its domestic networks. According to Indias Ministry of Commerce and Industry earlier this year, the country requires approximately $1 trillion worth of infrastructure investment by 2018.
As the UAE continues to diversify away from mineral resources and invest heavily in its infrastructure, growth in imports of goods for infrastructure and investment equipment from India will significantly outstrip growth in other imports during 2013-30. The UAE also pledged $2 billion of investments in Indian infrastructure earlier this year.
Currently, the UAE is Indias largest export market, accounting for just over 10 per cent of total merchandise exports. The UAE is forecast to maintain this preeminent position till 2030 due to robust demand growth.
Important Indian exports to the UAE include gems and jewellery, electronic goods, fabrics, machinery and equipment. India also uses the UAE as a gateway to other markets in the region
In 2012, approximately 25 per cent of Saudi Arabias exports to India were oil & gas. Diversification means that the biggest growth in exports to India will be in chemicals, which will account for over 80 per cent of total exports from Saudi Arabia to India between 2013 and 2030.
Indias exports to Saudi Arabia were just 2.9 per cent of total exports in 2012. This share is expected to increase to 4 per cent by 2030, ranking it Indias fourth largest export destination. The main contributors to this increase will be in the sectors of manufacturing, machinery and transport, and chemicals. Saudi Arabias commitment to industrialisation and diversification will also offer opportunities to Indian investors.
India to emerge Mena
India set to be Mena
India and the Mena nations have been trading for many centuries and the opportunities certainly remain strong today
Dubai: India will remain a top five trading corridor for the UAE, Egypt and Saudi Arabia, according to HSBCs latest Trade Forecast report.
India and the Mena nations have been trading for many centuries and the opportunities certainly remain strong today. Its no surprise that India is a top five trading partner with each nation in the Middle East and North Africa group. With its huge population, rapidly growing middle class and capabilities in industrial and post-industrial sectors, India is a market with considerable potential, said Tim Reid, Regional Head of Commercial Banking of HSBC Middle East and North Africa speaking at HSBCs Mena-India Conference on Wednesday.
The recent HSBC Trade Confidence Index puts India at the highest spot at 142 points. The HSBC Trade Confidence Index reports a positive outlook for world trade prospects over the next six months, as companies expect demand to increase, said the HSBC Global Connections Report.
HSBC has forecast India to emerge as UAEs top export destination by 2030 accounting for 14 per cent of exports, and Saudi Arabias second largest export destination accounting for 18.5 per cent of exports.
India is already Egypts number one export destination and will maintain that position through to 2030, accounting for 15.4 per cent of exports.
The prospect of Expo 2020 in Dubai and other infrastructure projects in the region offer excellent opportunities for Mena businesses to bring the chance to benefit from Indias know-how into the region with new partnerships. Indias strength in industrial and information technology can also help Mena businesses support the regions political programme of economic diversification, said Reid.
The Trade Forecast predicts that globally by 2020, India will overtake the USA to import the highest share of goods for infrastructure as it invests in building its domestic networks. According to Indias Ministry of Commerce and Industry earlier this year, the country requires approximately $1 trillion worth of infrastructure investment by 2018.
As the UAE continues to diversify away from mineral resources and invest heavily in its infrastructure, growth in imports of goods for infrastructure and investment equipment from India will significantly outstrip growth in other imports during 2013-30. The UAE also pledged $2 billion of investments in Indian infrastructure earlier this year.
Currently, the UAE is Indias largest export market, accounting for just over 10 per cent of total merchandise exports. The UAE is forecast to maintain this preeminent position till 2030 due to robust demand growth.
Important Indian exports to the UAE include gems and jewellery, electronic goods, fabrics, machinery and equipment. India also uses the UAE as a gateway to other markets in the region
In 2012, approximately 25 per cent of Saudi Arabias exports to India were oil & gas. Diversification means that the biggest growth in exports to India will be in chemicals, which will account for over 80 per cent of total exports from Saudi Arabia to India between 2013 and 2030.
Indias exports to Saudi Arabia were just 2.9 per cent of total exports in 2012. This share is expected to increase to 4 per cent by 2030, ranking it Indias fourth largest export destination. The main contributors to this increase will be in the sectors of manufacturing, machinery and transport, and chemicals. Saudi Arabias commitment to industrialisation and diversification will also offer opportunities to Indian investors.
India to emerge Mena
India set to be Mena
