Like the 14th century Silk Road, the current emergence of Islamic financial products and services has brought together financial services providers across continents to trade on this new route. The emergence of the New Silk Road reflects the increasing and evolving economic and financial relationships and interlinkages, with Islamic finance well positioned to further facilitate these linkages to offer mutually-reinforcing benefits to those who participate in it. The economic and financial linkages between Asia and the Middle East are growing through a significant expansion in trade and investment between the two regions and opportunities to leverage on the high level of savings and resources both these regions have been endowed with. Indeed, the New Silk Road opens up the prospect of exciting opportunities for greater economic progress and prosperity for us. The New Silk Road has created linkages that build on the comparative advantages between Asia and the Middle East. For example, Middle East domestic infrastructure requirements are estimated to total USD500 billion for the next 5 years, and Asian companies have demonstrated the capacity to provide the technology, expertise and human capital to meet these infrastructure demands. Indeed, the New Silk Road has facilitated the development and effective use of talent and expertise across the two  BIS Review 48/2007  1  regions. In addition, the New Silk Road has reinforced the rapidly evolving Islamic financial industry and the growing significance of Islamic financial markets and institutions.
The productivity gains to the economy can be more long lasting than the petroleum industry itself. And never forget: The real test of how a petroleum producing country has managed its fortune, will come when the boom in the petroleum industry ends. Oil and gas resources do not last forever. Emphasis should therefore be given to further development of human capital as the primary source of long-term prosperity and wealth. Thank you for your attention. 4/4  BIS central bankers' speeches