Dubai: Global demand for commercial aircraft will reach $4.4 trillion over the next 20 years, with India and China driving a significant portion of that demand, predicts Airbus. India’s aviation sector is among the world’s fastest growing and as per estimates is set to witness 6.6% annual compound growth over the next five years. It will focus on the challenges of driving industrialisation and growth while adapting to global socio-economic change.
In this context, India has urged the UAE to direct more foreign investment into the country, especially in sectors such as transport and aviation. It comes ahead of the Global Aerospace Summit in Abu Dhabi, from April 7-8, which will witness increased participation from BRICS countries.
This year’s meet is attracting top executives from airlines, aircraft manufacturers, satellite companies, aerospace associations and suppliers from established and emerging worldwide markets.
Connectivity is critical to the global economy-driving $2.2 trillion in economic activity and supporting 57 million jobs,” DG & CEO of the International Air Transport Association (IATA) Tony Tyler said. According to IATA reports, the total number of airline passengers will rise to 3.91 billion by 2017, with routes within or connected to China the single largest growth driver.
(With PTI inputs)