Trade confidence report justifies UAE’s status

ABU DHABI: A survey released by HSBC which ranks the U.A.E. first in trade confidence is an important indicator of how well the country is doing in diversifying its economy, commented a U.A.E. daily. “Confidence for trade among businesses in the U.A.E. in the short-term is the highest it has been since 2009, jumping nine points to 141, with 83 per cent of respondents expecting trade volumes to increase over the next six months,” said Gulf News in its editorial on Thursday The report, which was based on a survey of 5,800 exporters, importers and traders from small and mid-market enterprises, also viewed near-term trade prospects as “very favourable”.

“Dubai’s successful bid to host Expo 2020 is playing a strong role in this, as the event catapults the country into the centre of the Asia trade route, with India and China expected to be the U.A.E.’s fastest growing trade routes until 2030”, added the paper.