Regional market for high tech products could be worth $125 bn

Regional market for high tech products could be worth $125 bn

The regional manufacture of three major product areas ــ advanced materials, advanced components, and advanced products ــ could be worth around US$125 billion in revenues by 2025.

This is according to the latest report by Strategy& Middle East, part of the PwC network, titled "Localising high tech industries to build resilience and economic growth".

Middle East countries should seek to localise that value as much as possible, instead of importing it.

"The COVID-19 pandemic threw into sharp relief the susceptibility to supply chain disruptions and questioned the region's resilience. It was difficult or impossible for companies to secure all the essential components on which they now heavily depend, ”

said Alessandro Borgogna, partner with Strategy& Middle East.

“Localising tech and digital is therefore vital as it secures the supply of parts and products that are integral to economic and business activity,”

he added.

“As competition intensifies to establish national tech manufacturing ecosystems and satisfy captive and global demand, Middle East governments should make the right choices as to which areas they can succeed in,”

said Chady Smayra, partner with Strategy& Middle East.

These ecosystems include: Financial incentives; Global supply chains; Regulatory and policy support; Reliable and cost-effective utilities infrastructure; Talent; and Enabling business and trade policies.

News Source: Emirates News Agency

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