Middle East major market for developing countries
Sep0
With nearly half the world’s population living in what are popularly termed ‘developing countries’, the economies of these countries have become the major concerns of businesses in the developed world. In particular it has emerged that the Middle East is seen as a critical market for the developing economies, in particular for India and Pakistan.
Nearly $7 billion’s worth of electronics hardware was exported from India to the Middle East in 2008-2009, a massive rise of over 100% from the previous reporting period. $1.5 billion’s worth of software and services in the ICT industry made their way to the Middle East as well in this same period from India, and the ever-rising figures are good news for those investing in the Indian economy.
On the other hand, more established, developed countries are making greater inroads to the Middle Eastern economy. LG Electronics, a stalwart of the South Korean electronics industry, have made it their target to take advantage of the region and its population with “rich oil money” along with the more low-end African market.
In a global economy where times are hard in many traditional markets, opening up new markets in places like Africa and the Middle East is proving to be a wise move for most companies.
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