A research report by Standard Chartered projects that Saudi Arabia will be a key driver of a global trade growth, with its exports projected to reach $418 billion by 2030 and an annual growth rate of 4.8% percent.
The report – Future of Trade: New opportunities in high-growth corridors – said Thursday that global trade is set to reach $32.6 trillion with a growth rate of five percent by 2030.
Trade corridors anchored in Asia, Africa and the Middle East will outpace global trade growth rate by up to four percentage points, driving combined trade volume in these regions to $14.4 trillion to account for 44 percent of global trade by 2030.
India, Singapore, and the UAE are among the fastest-growing export corridors, while Mainland China will remain the largest export destination for Saudi Arabia, said the report.
Saudi Arabia is boosting trade through increasing industrial production. The Saudi Vision 2030 provides a roadmap for the development of new economic sectors, in order to diversify its economy away from oil, and transition to one that is digital and knowledge-based.
The report also said that Saudi Arabia envisions itself to become the next global logistics hub. In October 2022, the Kingdom announced plans to build 59 new logistic zones across the nation and is also aiming to improve its liner shipping connectivity by introducing new routes between Asia and Europe.
CEO of Standard Chartered, Saudi Arabia, Mazen Bunyan, said the Kingdom “aspires to become the next global logistics hub, and has pledged to make its economy more sustainable and innovative.”
“Leveraging its strategic location at the center of Asia, Africa and Europe, its enhancing its shipping networks to connect these regions and is continuously liberalizing international trade of goods and services.”
“With various initiatives across the logistics, sustainability and innovation fronts, Saudi Arabia is poised to lead the Gulf and wider Middle East into a new era of trade and economic prosperity,” he added.