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Friday, January 18, 2019

Economic power is shifting eastwards: Forum

by The Media Office

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The GCC countries and the Asean region are now the focus of global investment according to comments at the ‘Inside Investor Asia Forum 2012’. Developing countries are now the “engines of global growth” with the shift in the balance of power in the world economy, said Sheikh Hamad bin Faisal bin Thani al-Thani, Chairman and Managing Director, al khaliji bank.

“The economic power has shifted eastwards – to the GCC region and Asean countries; we are the focus of global investment now,” Sheikh Hamad said in his keynote address to the forum. He added that the GCC Common Market is expected to become a $2 trillion economy by 2020 compared to near $1 trillion today.

Highlighting the strength of the GCC economies, Sheikh Hamad said the region’s recent enviable growth rates have gained world attention.“The GCC is not only seen as exporters of oil and gas, but as investment destinations with major infrastructure projects”, he added.

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