His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, today visited Global Freight Summit 2023, a leading gathering for professionals in the logistics and freight industry. The second edition of the event, held until 17 November 2023, is being organised by DP World, a leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe.
Under the theme ‘Making the Future Supply Chain a Reality’, the event has brought together 4,000 industry leaders, experts and stakeholders from across the world to discuss the latest trends, innovations and challenges shaping the global freight landscape. The Summit provides a dynamic platform for participants to explore the future of supply chains and stay informed about the transformative developments driving the industry forward.
The first day of the Summit was attended by prominent speakers and guests including His Excellency Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World; Steve Wozniak, Co-founder of Apple Computer Inc.; JB Straubel, CEO of Redwood Materials & Co-Founder of Tesla Motors, among others.
HE Sultan Ahmed bin Sulayem, said: “In an era of uncertainty, the global supply chain industry must unite to forge a more resilient future. Given the pivotal role of technology in business, innovation becomes crucial for the seamless flow of goods worldwide. Addressing geopolitical uncertainties, intense competition, regionalisation and rising inflation requires the logistics sector to develop new tools and solutions. Strategic investments in technology, infrastructure and exploring innovative trade routes are vital for creating a future-proof supply chain capable of overcoming current challenges.”
Mike Bhaskaran, Group Chief Operating Officer of Digital Technology at DP World, said: “We are delighted to inaugurate the second annual Global Freight Summit here at the Coca-Cola Arena in the heart of Dubai, welcoming our colleagues from the wider global trade community. In a new trade and logistics reality filled with opportunities for innovation, we are incredibly excited to bring together industry peers to share best practices and insights on actualising the future supply chain. We look forward to welcoming our esteemed guests and partners to this landmark event.”
During the Summit, DP World unveiled new research indicating a growing sense of optimism regarding the creation of more resilient supply chains in the coming years. The survey, capturing the perspectives of numerous freight forwarders, sheds light on their collective outlook on overcoming industry hurdles.
Despite acknowledging challenges such as geopolitical uncertainties, communication gaps and heightened competition, over 60% of surveyed freight forwarders expressed a high level of optimism as we approach 2024.
The findings underscore the industry’s recognition of the necessity for increased collaboration throughout the supply chain to enhance efficiency—a sentiment echoed by 40% of respondents. Other critical factors for building resilience include reducing regulation (15%), embracing new technologies (12%) and a heightened focus on Electric Vehicles and last-mile delivery (10%).
Notably, 34% of respondents believe that the majority of the supply chain is already digitalised, with 31% claiming to have achieved full digitalisation. The role of technology emerges as a crucial enabler for more efficient supply chains, a vital aspect of future-proofing the industry.
In exploring broader industry concerns, the survey delved into the importance of supporting small to medium-sized enterprises (SMEs) given the current $2.5 trillion trade finance gap. For 26% of freight forwarders, improving access to trade finance is essential for aiding SMEs in international expansion, coupled with the need to enhance technological literacy (14%).
Regarding sustainable operations, 59% of surveyed freight forwarders are actively exploring alternative modes of transport or providing emissions tracking tools to their clients.
Over the course of the Summit, participants will hear insights from industry leaders, discussing actionable strategies to address the biggest challenges. The event builds on the success of the inaugural event in 2022, which attracted over 1,500 visitors and participants from more than 155 countries.
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