A commercial hub is referred to as the commercial focal point of a city, nation, or the region. As a commercial hub, it is expected to provide with the best of commercial facilities, act as a transit point and facilitate and enhance trade and commerce. All countries around the world have respective commercial hubs that help them to promote trade and cooperation amongst them selves as well as among the local people and commercial establishments.
In terms of a commercial hub, we usually refer to the major commercial places or towns that provide the major support to the development of trade and commerce. Talking of the commercial hubs in the global context some of the names that easily come to us are the likes of New York, London, Berlin, Hong Kong, Singapore and Melbourne. In fact, such commercial hubs act as a catalyst to facilitate the growth and development of trading and commercial activities.
An important aspect that can be said in factor of the commercial hubs is their role in facilitating understanding and cooperation between communities.
Further, commercial hubs also promote and facilitate economic growth and development of the region. Commercial hubs promote business and entrepreneurship and in the process create a good number of jobs. Trading between communities, state and globally bring people in close interaction with each other. That enhances understanding and spirit of cooperation, minimizing the chances of conflict and providing opportunities for further growth.
The growth of commercial hubs also has become specialized nowadays. For instance, cities like London and Singapore are considered to be the major commercial hubs for the financial and banking sector. Similarly, New Jersey in the US and Bangalore in India are considered good examples of techno-commercial hubs. Los Angeles, Mumbai are the examples of commercial hubs for film production, distribution and marketing.
Within a nation itself, one comes across development of commercial hubs. Nowadays, commercial hubs are being developed as part of a deliberate policy. Since a complete and equitable development of all regions at the same time within the limited resources and time is really a very difficult proposition. Hence governments in respective countries as part of their plan priorities try to develop certain commercial hubs which will further spur the growth and development of economic activities in the nearby regions.
A commercial hub is very important from the perspective of economic development of the region. One commercial hub that cats as the focal point of all commercial activities in a one region promotes economic activities, creates jobs, enhances pending and provides for greater revenues to the government and administration. Such revenues generated can again be spent on the development of amenities and services for the common people and this process goes on. Hence commercial hubs are considered very important nowadays towards the development and regional prosperity of the people, community and the nation.