Naimi talked about the New Silk Road, saying that "the New Silk Road, figurative and literal paths which economists and business analysts say represent not only the opening of trade among emerging nations, but also a gravitation of international trade and investment that suggests a new eastward shift of economic power and influence". "Clearly the New Silk Road is a potent metaphor for Asia's stunning growth and growth potential, and the far-reaching implications as developing nations take their places at the global table, and their people enjoy the greater opportunity and prosperity that accompany economic growth. Let's apply this metaphor to India, a major outpost of both the old and new Silk Roads, for our look at the importance of global cooperation to energy security. The silk, sandalwood and spices of its ancient trade have given way to modern India's emergence as a knowledge economy and information technology hub. The nation's leadership in science and technology has led to India's boasting the world's second-highest standing in number of scientists and engineers", Al-Naimi added. "Just as globalization has contributed to Asia's rising fortunes, however, the economic recession that began in the West has triggered an inexorable domino effect worldwide, as the crisis has led to less money being available for credit and investment, and the precipitous fall in stock markets. A significant consequence of these developments has been the drying up of liquidity to fund projects and other investments which underpin economic growth in emerging economies", Al-Naimi said. "Adding to India's economic challenges this year were the horrific terror attacks on Mumbai. Here, please allow me to pause and reiterate the Kingdom's deepest sympathy and condolences on the tragic loss of life and devastation wrought by these shocking attacks", Al-Naimi added.
