Protectionism Is Not Good for Global Trade, Says DP World CEO

Protectionism is not beneficial for any business, especially global trade, which plays a crucial role in fostering growth, creating jobs, and supporting sustainability, stated DP World Group Chairman and CEO Sultan Ahmed bin Sulayem. He emphasised that, despite increasing protectionist policies, international trade has remained resilient.

“You can see, despite all these (protective) tariffs, trade continued to flow between countries. People will always need to sell, people will always need to buy, and they will find a way,” Sulayem said in an interview with CNN’s Quest Means Business. He added that “unfortunately, we hear more voices advocating for protectionism than free trade.”

Growth Across Regions

Despite these challenges, Sulayem noted that DP World has observed growth in its business globally. “Believe it or not, we see growth in every region – whether it is Latin America, the Far East, the Middle East, or Africa. Growth is there, despite the uncertainty. While certain markets like Europe and America may have been impacted, the overall US economy is still strong and growing,” he explained.

The Chairman also addressed the challenges posed by technological disruptions to global trade. “In our business, my biggest worry is technology. Technological disruptions, especially those we are unaware of or have not yet considered, could significantly affect our business and the way we trade,” he warned.

Cargo Routes Post-Pandemic

Reflecting on the lessons learned from the pandemic, Sulayem discussed the importance of establishing intermodal cargo routes. “We learned the hard way that we need to find alternative routes for cargo. For example, today we can transport cargo from our port in Karachi to Iraq and Turkey within seven days, crossing land. With everything we learned during the pandemic, we are better equipped to handle such issues in the future.”

Read More: DP World Sets New Ambitious Carbon Reduction Target