HSBC reminds UAE forum of growing importance of MENA (Middle East, North Africa) & China trading corridors
Trade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors said HSBC at its Middle East and North Africa (MENA) and China Forum recently held in the UAE. Emphasising the growth of China as a trading powerhouse, HSBC added that China is poised to become the world's largest trading nation by 2016 and will account for 12.3% of world trade by 2026.
Outlining the importance of trade relations between China and the MENA region, His Excellency Sheik Nahayan Mabarak Al-Nahayan, UAE Miniister said of the event: "A maritime, aerial, and electronic Silk Road extends between China and the Middle East and North Africa."
An HSBC Trade Connections report, also highlighted that China is currently the MENA region's second largest trading partner after the USA. Three out of five of China's overall top emerging importers are oil importers from within the MENA region: Qatar, Bahrain and Egypt. Each is forecast to grow above 14.00% annually over the next 5 years to 2016.