The Government has made the development of bilateral relations with all countries, including those of the Middle East, a top priority in the development of our trade strategies since coming to office in 1996. That has been reflected in the growth of Australian representation throughout the region, so that we now have a network of offices to help to establish contact between business people in the Middle East and Australia. For example, in the UAE alone we have recently opened an embassy in Abu Dhabi, complementing the existing Austrade office in Dubai. The advantages of building economic relationships between Australia and the region go far beyond the increase in two-way trade. Many Middle East countries have developed strong links to markets in Central Asia, the Sub Continent and Europe, and Australian business could benefit by developing strategic alliances with their Middle East counterparts.
Individual countries offer special promise to Australian business.
There are now 3500 Australians in the UAE, and 65 Australian companies are based there. While many economies, particularly in our own region, are only just beginning to show signs of recovery from the significant downturns of the past two years, growth rates across the Middle East have averaged in excess of 4 per cent in the same period. If you include Iran and Egypt, in 10 years time the region will have a population equal to that of Western Europe today. Over 60 per cent of the Middle East's population is under the age of 21, and they are becoming wealthier and more cosmopolitan in their tastes. The Middle East is experiencing generational change, and with it all the range of technological advances that are revolutionising commercial activity in the developed world.