02/04/2014 20:03 AST
Aviation and aerospace experts from the fast-growing BRICS countries will gather at the Global Aerospace Summit in Abu Dhabi next week, to share their experiences of supporting industrialisation, improving supply chain standards and creating value-added jobs for highly skilled individuals.
The inaugural Summit in 2012 attracted more than 900 C-suite executives from 52 countries. The 2014 event will also include delegates from emerging markets such as Russia, China, India, Eastern Europe and South America.
The UAE is looking to further develop its already strong trade relations with the emerging BRICS economies of Brazil, Russia, India, China and South Africa, 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 their capabilities in the fields of aviation and aerospace as key economic drivers. This year's Global Aerospace Summit in Abu Dhabi will see increased participation from BRICS countries, as 55 delegates have already confirmed attendance at the leading global industry forum.
Scheduled to run at the St. Regis Hotel, Saadiyat Island, Abu Dhabi (above) from 7-8 April, 2014, the event is attracting C-level executives from airlines, aircraft manufacturers, satellite companies, aerospace associations and suppliers from established and emerging worldwide markets. The summit will focus on the challenges of driving industrialisation 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 billion passengers to board planes. That's nearly double the 1.7 billion air travelers in 2000. It is clear that people want and need to fly - to explore new places, do business or connect with family and friends. Connectivity is critical to the global economy - driving $2.2 trillion (more than AED 8 trillion) in economic activity and supporting 57 million jobs," said Tony Tyler, director general and chief executive of the International Air Transport Association (IATA).
"As we look to the next century of aviation the role of the BRICS countries is well placed to grow in importance. All depend on aviation to provide critical economic links and Brazil, China and Russia have well-established and growing aerospace sectors. The policy environment and challenges varies widely among the BRICS countries. For airlines, cost efficient infrastructure, the capacity to grow and reasonable taxation are among the top priorities. Understanding that aviation is a catalyst for growth creates a common interest between governments and the industry. And the best way to build the future is with strong partnerships among all sectors in the value chain and with governments," added Tyler.
India is among the world's fastest-developing aviation markets, and IATA has estimated that the local industry will witness 6.6 per cent 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.
Following the Indian government's decision in 2012 to allow overseas carriers to buy stakes up to 49%, new airlines are looking to launch in India and capitalise on the country's 1.2 billion population. Earlier this year, a new AED3.3 billion terminal was inaugurated at Mumbai International Airport.
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