Recent studies suggest that the UAE is looking to further develop its already strong trade relations with emerging BRICS (Brazil, Russia, India, China and South Africa) economies, especially in the aviation and aerospace industries.
Estimated by Goldman Sachs to account for nearly 40% of the global GDP by 2050, BRICS countries are now looking to further develop capabilities in fields of aviation and aerospace as key economic drivers. This issue is strongly highlighted at the forthcoming Global Aerospace Summit in Abu Dhabi.
There is an increased participation from BRICS countries with 55 delegates already confirmed. The summit will focus on challenges of driving industrialization and growth while adapting to global socio-economic change.
“Over the past 100 years, aviation transformed the world into a connected global community. This year we expect some 3.3 bn passengers to board planes. That’s nearly double the 1.7 bn air travellers in 2000. Connectivity is critical to the global economy—driving US$2.2 trn (More than AED 8 trn) in economic activity and supporting 57 m jobs,” said Tony Tyler, director general and chief executive of the International Air Transport Association (IATA).
India is among the world’s fastest-developing aviation markets, and IATA has estimated that the local industry will witness 6.6% annual compound growth over the next five years. Looking to build up its airport infrastructure, India has recently urged the UAE to direct more foreign investment into the country, especially in sectors such as transport and aviation.
Aviation and aerospace experts from fast-growing BRICS countries come together to share experiences of supporting industrialization, improving supply chain standards and creating value-added jobs for highly skilled individuals.