ABSTRACT
A P OLITI C A L and economic revolution is in progress in the Middle and Far East. The growing independence of those countries offers us wide commercial opportunities, but also corresponding risks. Our commercial policy in this region is therefore confronted by new tasks calling for new methods. Conditions differ from those applying in Europe inasmuch as the exchange of goods by itself is not everything. The picture is dominated by an economic expansion which implies the absorption of capital, which in turn means an import surplus. I t thus becomes our task to act not only as importers, but also as suppliers of capital. Large investments will have to be made before the high level of turnover is reached which will eventually give us a large share in those countries' imports of consumption goods. The risks involved in trade with the Near East result from this region's limited resources and its ambitious investment plans. One difficulty lies in the fact that we were not really able to establish diplomatic and consular missions until 1952. Before this our business with the Near and the Middle East had to rely in practice on private initiative without really significant support from the Government. As the centre of gravity shifts from the pure exchange of goods to investment, the engineer becomes more important side by side with the traditional merchant. This involves far-reaching innovations, requiring not only the dispatch of technical specialists, but also a new psychological relationship. We shall have to act as consultants, to give tactful aid to public authorities, and to support domestic concerns. All this makes trade with the Near and Middle East one of the most fascinating tasks for our trade policy and for a new partnership which during the coming years will have to link trade policy and industry.
