Press Release

Shurooq strikes monumental agreement with Invest HK

April 29, 2013

Shurooq signs MoU with Invest Hong Kong to extend investment opportunity
The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), and Simon Galpin, Director General of Invest HK, at the Sharjah Chamber of Commerce and Industry, and was followed as a result of an investment tour to China made by (Shurooq) in June of last year, during which the Authority had held a number of high levels meetings to explore future cooperative agreements. The main objectives of the MoU are to share experience in promoting and attracting foreign investment, and to facilitate company referrals thus increasing business activity in Sharjah, the UAE, and in Hong Kong. It also aims to support inward investments referred by the partner agency with the set-up or expansion of their businesses. Sheikha Bodour bint Sultan Al Qasimi expressed her happiness to have entered into yet another highly influential and strategic investment alliance, emphasising that Shurooq is continually exploring new ways to promote Sharjah's investment opportunities and potentials to strengthen Sharjah's position as an ideal economic hub in the region. During the signing ceremony HE Marwan bin Jassim Al Sarkal said: "The United Arab Emirates and Hong Kong are no strangers to each other. Trade relations between our nations have long been strong - in 2012 trade between the UAE and Hong Kong totalled in the region US$27 billion, an increase of 30% from 2011, and current projections place the expected trade between our countries at over $34 billion this year, making Hong Kong one of our most significant trade partners. The strength of our ties, however, lies in more than just trade figures." "Sharjah and Hong Kong share many similarities. Both are portals to the world that boast highly strategic geographical locations, excellent infrastructure, and advanced logistics capabilities, making them ideal settings from which to base international business operations. The strategic investment partnership we forge today through the signing of the Memorandum of understanding will allow us to increase foreign investment and business activities in our respective regions. This agreement allows to open pathways for investors into the Arab world and Invest HK to reciprocally open doors for investors from Sharjah into Honk Kong with the aim of allowing investors to expand into new markets and thus increasing the prosperity of both Sharjah and Hong Kong." Al Sarkal Added. Established in July 2000, InvestHK's vision is to strengthen Hong Kong's status as the leading international business location in Asia, with a mission to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong. InvestHK work with overseas and Mainland entrepreneurs, SMEs and multinationals that wish to set up an office - or expand their existing business - in Hong Kong. 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.
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