The Globalization of Business and the Middle East: Opportunities and Constraints

The Globalization of Business and the Middle East: Opportunities and Constraints

The Globalization of Business and the Middle East: Opportunities and Constraints

The Globalization of Business and the Middle East: Opportunities and Constraints

Synopsis

The globalization of world markets has had its impact on the Middle East as on the rest of the world. In the last quarter century, non-oil international business activities in the region have increased significantly. The Middle East is now properly poised, with the necessary elements in place, to develop into an industrial region similar to the more developed West. International firms will need to pay greater attention and develop a deeper understanding of this region so vital to the economic and industrial well-being of Western, industrialized, and emerging nations. This book examines the development of the region's business environment and the conditions that uniquely impact its growth.

Excerpt

Events in the last decade have transformed the Middle East: the Iranian revolution, the Iran-Iraq War, the Rushdie affair, the Gulf War. Many countries in the region remain under the threat of international- or U.S.-imposed trade sanctions, including Iran, Iraq, and Libya, as well as Pakistan. the outside world now reaches into the most closed homes, through the various consumer products exported into the region. Processes of modernization, industrialization, and westernization have hit traditional cultures so hard and in such a way that they have raised issues for the peoples and governments alike. Middle Easterners are now faced with these issues and have to formulate responses to them. Matters that in the past might have been ignored must be considered with urgency.

One thing, however, is clear: the internationalization of world markets has applied to the Middle East as well. in the course of the last two decades, international business activities in the region have increased greatly. Moreover, this increase is not limited to any one, specific country. It is not just the more populous and larger countries that have engaged and attracted foreign investors; smaller countries are equally active. the Middle East may not have its own Silicon Valley, but for the most part it is property poised, with the necessary elements in place, to develop into an industrial region, similar to other developing regions of the world.

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