Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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The emirate of Sharjah, one of the prime industrial destinations in the Middle East and North Africa has made a striking impact at India’s Vibrant Gujarat Global Summit 2017, one of the nation’s most important business forums. As home to the region’s largest industrial areas, the Sharjah FDI Office ‘Invest in Sharjah’, the promotional arm of Sharjah Investment and Development Authority (Shurooq), occupied a significant area of the expo, with many of the department’s teams describing the exceptional investment advantages and business opportunities to a number of high-profile overseas decision-makers.
Based at the immense and impressive stand, the many ‘Invest in Sharjah’ representatives at the event explained the importance of the industrial sector as a main driver for the emirate’s economy. Sharjah has constructed sophisticated infrastructures for air and seaports over the years, as well as a network of roads and highways. This has facilitated the flow of export and re-export of all commodities produced in Sharjah, and contributed to establishing the emirate as an industrial gateway between East and West.
A strong contingent of ministers and industrialists from the Invest in Sharjah delegation was headed by Mohammad Al Musharrkh, Director of Invest in Sharjah and also included a number of directors and officials from Sharjah’s governmental departments as well as senior executives from the private sector.
The event linked representatives from Invest in Sharjah with the best economic experts from across the world to explore the visionary approach towards inclusive and sustainable development while setting the policy agenda for meeting some of the current global challenges.
It invited Indian investors to visit Sharjah and enjoy a first-hand experience of the unique offerings available to investors in general, and investors from the industrial sector specifically. The emirate’s promotional arm pointed out that there are many similar characteristics between Sharjah and Gujarat, diminishing the challenges of a changing business environment. Indian investors will benefit from Sharjah’s openness to world markets in achieving the best possible returns for their industries, thanks to its strategic and geographic position.
Mohammed Juma Al Musharrkh, said: “Sharjah is committed to a strategy of economic diversification thanks to the wise vision of its leadership. As a result, Sharjah’s economy is no longer depending on one or two sectors but on all sectors that collectively contribute to providing a healthy, expanding and sustainable integrated economic landscape.”
He added: “The vibrant economic model embraced by the Indian state of Gujarat, especially in industry, most notably gold and diamonds, manufacturing, chemical, pharmaceutical and food, is a unique and successful model of an advanced industrial economy. This makes it similar to Sharjah, which in turn has become an impressive industrial success story in the region.”
He continued by saying: “Sharjah and Gujarat share similarities, as both cities are the industrial powerhouses of their countries – they contribute strongly to GDP growth. For example, Sharjah contributed almost 19% to the UAE’s GDP in 2015, while Gujarat contributes significantly to India’s business activity by contributing 7% to the country’s GDP. According to the Sharjah Chamber of Commerce and Industry, the emirate contributes between 38% and 40% to the UAE’s total industrial production. This emphasises Sharjah’s industrial status and highlights the opportunities awaiting the Indian companies which launch their businesses from the emirate.
“India is Sharjah’s primary non-oil trade partner, and the emirate is home to a large share of the overall Indian investments in the UAE, which is worth AED 183 billion (USD 50 billion). It hosts 7,000 Indian companies and during our participation in the Gujarat Summit, we have provided Indian investors with a very real insight into the investment potential within Sharjah. We also invited them to expand their ongoing assets and existing companies into Sharjah, where they will be widely welcomed and provided with consistent stability for their businesses.”
Shurooq launched the brand ‘Invest in Sharjah’ during the opening of the second edition of the Sharjah FDI Forum 2016, which was held in late September, with an aim of unveiling the rich array of investment opportunities in the emirate to businesspeople and investors across all sectors.
Established to become the authoritative trend for businesses and investments in Sharjah, ‘Invest in Sharjah’ incorporates a modern vision designed to cope with economic changes and align with paradigm shifts. The goal of the initiative is to help investors fully capitalise on the emirate’s unique elements and provide them with even more facilities and investment advantages.
The brand is also in-line with Shurooq’s strategy to position Sharjah as a strategic investment destination, where it integrates innovation and dedication to highlight the emirate’s advantages and facilities provided by the emirate to investors and businesspeople.
‘Invest in Sharjah’ encompasses the general strategy of the emirate’s investment approach to reach out to local, regional and global investors and help them explore investment opportunities in the emirate, acting as a strategic guide on the true prospects that drive growth for their businesses. It also plays a key role in establishing long-term business partnerships, sharing and exchanging top-tier studies and business practices to develop Sharjah’s economic environment.
(Press Release)
