There is a light at the end of any tunnel, and I am a believer in the long-term future of our sector leaving a legacy for future generations. Yes, we all know the industry is navigating difficult times with lower commodity prices, currency fluctuations, and political issues. This has had an impact on trade growth, but there are reasons to remain positive on the medium- and long-term growth outlook.
Change and innovation is where our future lies. New trade routes by land and sea, new ways of connecting the global supply chain will impact us all, and to those that adapt, the future belongs. The remarkable global drive to innovate requires creativity, entrepreneurship and an open mind. Solutions to enable trade will push the boundaries of what’s possible. And in Dubai and the United Arab Emirates, we admire ambition — we never set limits. Just see the transformation; the United Arab Emirates today is one of the most diversified economies in the gulf and continues to develop policies and plans to move away from its oil dependency. With a visionary leadership at its helm, the country’s GDP has grown from US$2 billion in 1971 to more than US$400 billion in just 45 years.
This was achieved by planning ahead of need. Just what our industry needs to do. In the 1970s, we built infrastructure, the 1980s saw trade develop, and in the 1990s we witnessed soaring tourism. In 2000, we entered the digital age, and the electronic government began to develop. Within 10 years, there was the onset of the Smart Government Initiative with customer service, payments and processes becoming accessible at the click of a button.
This is part of a greater vision to connect global supply chains and improve ease of doing business. Partnerships between government and trading blocks, cross-border electronic processes, new technology and digital systems to enable trade are key. Access to multimodal transport and connecting points on the supply chain are also important.
Today, there needs to be a focus on cross-border opportunity — access to markets rather than regionalism and nationalism. Connecting technologies across the supply chain so end-users find them simple to use and operate is the answer. Success comes from being able to see opportunities when others see obstacles, and to have no limits to your imagination.