Shurooq promotes Sharjah’s investment opportunities in India
B2B meetings conducted to strengthen business ties The Sharjah Investment and Development Authority (Shurooq) has successfully concluded its participation in the Trade Mission to India, which took place from 15-18 December. Shurooq’s participation comes in line with its ambitious strategy to highlight Sharjah’s diverse business potential and investment opportunities and to promote Sharjah as a leading business and investment hub in the region and entire world. The four-day B2B event, otaled d by the Federation of UAE Chambers of Commerce and Industry, was an opportunity for Shurooq to introduce its rich portfolio of ground-breaking projects to Indian investors and keep the Indian business community well informed about the many options, advantages, and incentives that Sharjah has to offer. Commenting on Shurooq’s participation, Mohammed Juma Al Musharrakh, Head of Investment Promotion at Shurooq said: “Our participation in the Trade Mission to India mainly aimed to promote Sharjah’s business potential and highlight the diverse range of promising business opportunities and benefits for investors, especially in light of the facilities and incentives provided by various government authorities in the Emirate.” He pointed out that the authority made use of the four-day event to conduct a series of B2B and matchmaking meetings with prominent businessmen and key business leaders and stakeholders in the Indian business community, with the aim of attracting Indian investors as well as corporate and SME companies to Sharjah. Al Musharrakh said: “The meetings were dedicated to strengthening the already close economic, cultural, and social ties the UAE is proud to have with India — a fact that is not surprising considering that over 42.5 per cent of the work force in the UAE are Indian nationals, constituting the largest residents community in the UAE.” On day one of its trade mission, Shurooq held meetings with representatives of ExIm Bank of India, the Bombay Chamber of Commerce, and the Indian Merchants Chamber, during which they explored new business opportunities and mutually beneficial and rewarding partnerships On day two, Shurooq attended the Engineering Sourcing Show, India’s largest display of engineering products and services – which was a never before opportunity for Shurooq to network with buyers and sellers from all over the world and those who seek to build global partnerships. “We discussed possible means to enhance mutual cooperation as well as ways to further strengthen and expand the already well-established business relationship between Sharjah and India,” adding “We look forward to setting up many new mutually beneficial ventures,” Al Musharrakh said The UAE and India share a robust and long-standing friendship and trade ties. Bilateral trade between the UAE and India reached a record high of $75.4 billion in the 2012-13 period. UAE exports to India otaled $39 billion, while imports stood at $36 billion, making the UAE India’s largest trading partner for the year, a relationship all forecasts indicate is set to continue well into the next two decades. On December 17, Shurooq held an interactive meeting with the Federation of Indian Chambers of Commerce and Industry, during which a host of issues of mutual concern were discussed, with an emphasis on expanding the scope of future cooperation between Emirati and Indian business communities for the benefit of both sides. On the last day of the business trip, Shurooq held a meeting with representatives of Taj Hotels Resorts and Palaces (Taj Group), Asia’s largest and finest hotel company, where they explored ways for possible future cooperation and potential business partnerships. The authority also conducted a meeting with Hinduja Group – a multi-billion dollar, transnational conglomerate – whose activities span across three core areas, including investment banking, international trading, and global investments. The two sides exchanged views on a number of topics of common interest and discussed possible ways to further strengthen business ties. On the final leg of its 4-day business tour, Shurooq held a meeting with representatives from the Confederation of Indian Industry (CII) – an association of Indian businesses which works to create an environment conducive to the growth of industry in the country. Both sides explored ways to help build business partnerships between Emirati and Indian businessmen and investors and encourage them to set up joint ventures for their mutual benefit. Shurooq was established in 2009 with the aim of achieving social, cultural, environmental and economic development on the basis of Sharjah’s distinct Arab and Islamic identity, and to encourage investment by adopting the best international standards in providing quality services that help attract investors from the region and the world. Shurooq’s key mission is to provide facilities and incentives to help overcome obstacles facing investment activities in the emirate, 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, in the European’s Global Banking and Finance Awards.