Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharjah Investment and Development Authority (Shurooq) championed Sharjah as an investment destination at The Korea Overseas Investment Fair & Conference (KOIF) 2015, held recently in Korea’s Gyeonggi Province.
Shurooq, which received its own booth at the Conference, was represented by Elie Armaly, Director of Business Development. Mr. Armaly gave a presentation during the investment seminar examining four key sectors in Sharjah: travel and tourism, transport and logistics, healthcare, and the environment. Business-to-business meetings were also arranged by the Korea Trade-Investment Promotion Agency office in Dubai for Shurooq’s delegation at the stand.
Elie Armaly, Director of Business Development of Sharjah Investment and Development Authority (Shurooq), remarked: The Korea Overseas Investment Fair & Conference is an important opportunity to reach out to investors in Korea and raise awareness about what Sharjah has to offer as an investment destination. Relations between our two countries are already excellent: the UAE is one of Korea’sforemostexport markets in the region, and bilateral trade is growing robustly. This year alone we have seen Sharjah and Korea take major steps to bolster their ties in the healthcare sector. We used the platform provided by KOIF to network with Korean businesses not only in healthcare, but in fields as wide ranging as travel and leisure, transport and logistics, and the environment. The results have been extremely promising.
This year’s KOIF, the third such biannual fair held since 2011, was the largest in the event’s history. It was hosted by Korea’s Ministry of Trade, Industry & Energy (MOTIE) and organized by the Korea Trade-Investment Promotion Agency (KOTRA), a national organization promoting trade and investment in Korea.
The UAE and Korea enjoy strong bilateral ties. Trade between the two countries exceeded AED 90bn in 2013, as the UAE became the biggest market for Korean products in the Middle East. In addition, bilateral investment was estimated at around AED 15bn in 2013. In total more than 300 Korean companies operate in the UAE.
Shurooq’s key mission is to provide facilities and incentives to help overcome obstacles facing investment activities in Sharjah, evaluate investment-related infrastructure projects, and lay down the necessary plans to complete such projects.
In recognition of its overall accomplishments, Shurooq was named The Banking Awards 2013 – and 2014 FDI Agency of the Year in the MENA region at the European’s Global Banking and Finance Awards. Most recently, the authority was named Top Investment Promotion Agency at the 2015 Best to Invest Award by Site Selection Magazine.
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