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Washington, DC, United States, 2007/03/28 - NUSACC President David Hamod, cites four trends that the National U.S.-Arab Chamber of Commerce considers significant to the stronger U.S.-Arab trade relations at the CEA Washington Forum, held in Washington, DC today.
At the Washington Forum of the Consumer Electronics Association (CE.org) today, David Hamod, President and CEO of the National U.S.-Arab Chamber of Commerce (NUSACC), described the Arab world as an “increasingly important market for U.S. consumer electronic goods.” Hamod was a guest speaker in a panel discussion entitled “The Digital Souk: Opportunities in the Trillion Dollar Middle East Marketplace.”
Hamod cited four trends that the National U.S.-Arab Chamber of Commerce considers significant: in 2007, there will be continued strong demand for U.S. products; Arab governments are working to become more business-friendly; the influence of the Arab private sector is growing; and the Arab consumer market is becoming increasingly sophisticated.
Hamod noted three reasons for the continued strong demand for U.S. products. “The devalued dollar will ensure that U.S. goods stay competitive, oil revenues will continue to lubricate Arab economies, and levels of disposable income and consumer confidence in the region are unprecedented,” he said.
According to the Chamber’s just-released forecast for 2007, U.S. merchandise exports to the region, which totaled $35 billion in 2006, are expected to increase 29 percent to $45 billion worth in 2007 – sustaining approximately 364,000 manufacturing jobs in the United States.
Hamod pointed out that in order to become more competitive in the world market; Arab governments are taking decisive steps to slash bureaucracy and red tape through the establishment of one-stop-shops. At the same time, the private sector in the Arab world is putting pressure on their governments to bring about reforms that will make the Arab world a more attractive trade and investment destination.
Arab consumers have become more sophisticated over the years, Hamod noted, in part because they have more choices than ever through the Internet, direct broadcast satellite access, and cell phones. “All things being equal,” Hamod suggested, “Arabs like to buy American goods and services. But all things are not equal”, he said, and the United States is “facing stiff competition from other manufacturers around the world.”
The National U.S.-Arab Chamber of Commerce (nusacc.org), widely regarded as the voice of American business in the Arab world, is in touch with business communities across the United States and serves as the U.S. point of contact for the national chambers of commerce in the 22 Arab nations. On a daily basis, NUSACC works closely with leaders throughout the Arab world, as well as high-level decision makers in the U.S. business community, public policy research centers (“think tanks”), multilateral institutions, nongovernmental organizations (NGOs), media, and the U.S. Government. To promote, support and strengthen U.S.-Arab business and economic cooperation.
NUSACC, 1023 15th St, Suite 400, Washington, DC 20005 T: 202-289-5920 / F: 202-289-5938