Originally published in Arab News.
The modern Silk Road — the sequence of historical trade allies spanning the Middle East to Asia — is home to eight of the world’s top 20 economies. A vibrant hub for the exchange of capital, talent and technology, trade in the region is varied and dynamic, characterized by two-way flows.
At present, the region’s share of global gross domestic product stands at 40%; however, we anticipate that this will grow to 48% by 2040 — which also means that it will offer compelling and abundant opportunities. Not surprisingly, the Middle East is fast gaining the attention of North Asian firms that have an eye for expansion.
As the region’s largest domestic market, Saudi Arabia has a critical part to play in building regionwide scale and ensuring the Gulf has the industrial depth to attract major global investment
Saudi Arabia has the opportunity to leverage this exciting trajectory, but to do so it will need to execute strategic moves that connect with Asia’s fast-evolving value chain and provide a robust regional platform for Asian companies. First-mover advantage is critical, as it is this pioneering stance which may help Saudi Arabia cement its position in the region.
Read the original piece here.