Local Business

Sharjah-China roundtable to boost trade, investments

Staff Report
Filed on February 28, 2014

Over 45,000 businesses make emirate a strong destination

Sharjah-China roundtable to boost trade, investments (/assets/oldimages/chin_02272014.jpg)

Khalid Jasim Al Midfa outlined the immense potential of Sharjah during ‘Sharjah-China Business Roundtable’ in Sharjah on Thursday. — Supplied photo

The Sharjah Investment and Development Authority, or Shurooq, has concluded the Sharjah-China Business Roundtable, held in collaboration with the Chinese Business Council at the Sharjah Chamber of Commerce and Industry, or SCCI on Thursday. The event formed part of Shurooq’s ongoing strategy to promote the emirate as a world-class destination for international investment.

In attendance at the roundtable was Tang Weibin, Consul General of the People’s Republic of China, government representatives from both Sharjah and China, as well as members of the Chinese Business Council and local Chinese businesspeople. The roundtable is the latest in a series of recent initiatives by Shurooq to encourage investment from China and, welcoming attendees to the event, Marwan bin Jassim Al Sarkal, CEO of Shurooq, emphasised the objectives of the gathering — to reinforce existing business ties while nurturing new ones.

Al Sarkal, said: “Sharjah has the most diversified economy in the region, with no single sector contributing more than 20 per cent of the Emirate’s GDP. It is also the manufacturing heart of the UAE, with one third of the UAE’s total manufacturing activities taking place in Sharjah. This combined with a very healthy SME sector — with more than 45,000 strong small and medium-sized businesses — makes Sharjah a highly competitive investment destination.”

The Shurooq CEO also highlighted the strong ties between the UAE and China, in the first half of 2013, imports and exports combined jumped almost 14 per cent to Dh78.6 billion, after registering close to 40 per cent year-on-year growth over 2012. More specifically, he focused on the fact that bilateral trade between China and Sharjah jumped more than 18 per cent between 2010 and 2012, from Dh3.3 billion to more than Dh3.9 billion. He further pointed out that this clearly firmly established and growing relationship is further supported by the already strong Chinese business presence in the UAE, remarking that there are currently more than 4,000 Chinese companies operating in the UAE in a diverse range of sectors.

Further emphasising the strong relationship between Sharjah and China, Al Sarkal added: “It is a relationship that is also being carefully fostered by His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, who personally welcomed Premier Wen Jiabao when he visited the UAE in 2012. During this visit Premier Wen Jiabao called for strengthening political mutual trust and deepening strategic cooperation between our countries, stating clearly that this ‘serves our common interests’.

Tang Weibin, Consul General of the People’s Republic of China in Dubai, lauded the distinguished economic and commercial ties between China and the UAE, and expressed the expectation that the relations will see further development and expansion of avenues of cooperation over the next few years.

Wang Song, chairman of the Chinese Business Council, expressed his profound appreciation the organisation of the Sharjah-China Business Roundtable, which will contribute to increasing trade volume between both sides, and attracting Chinese investors to the emirate.

Al Sarkal identified four key sectors major areas of potential growth, namely travel and tourism, environment, healthcare, and transport and logistics.He highlighted a number of projects, including Al Jabal Resort — The Chedi Khorfakkan, Sir Bu Nair Island, Mlieha, the Heart of Sharjah, Al Bait Hotel, Al Majaz Waterfront, the Flag Island, the Kalba Eco-tourism project, Al Montazah Amusement and Waterpark, and Al Hisn Island — Dibba Al Hisn, stating that each of these have been carefully designed to stimulate the local economy, while also providing foreign investors with unique opportunities to capitalise on the phenomenal growth being witnessed in the tourism and leisure sector.

Khalid Jasim Al Midfa, director general, Sharjah Commerce and Tourism Development Authority (SCTDA), outlined the immense potential that the emirate of Sharjah has in this sector, stating that latest projections show that the emirate’s travel and leisure sector is likely to grow from Dh1.24 billion this year to Dh1.49 billion by 2016.

Showcasing the opportunities in Sharjah’s logistics sector, representative from Hamriyah Free Zone Authority, highlighted Sharjah’s unrivalled strategic location, its direct access to both the Gulf and the Indian Ocean, its well-developed air transport and cargo capabilities and the fact that the offers foreign investors and businesses an ideal environment in which to base their operations. On the environmental front Najib Faris, Chief Commercial Officer of Bee’ah, highlighted the fact that his company, together with the Sharjah government, are working together to tackle waste in the region and build a strong waste management infrastructure, with the ultimate goal of leading the emirate of Sharjah to become the first city in the Middle East to achieve Zero-waste-To-Landfill by 2015.

He said: “Our aim at Bee’ah is to spearhead the development of sustainable and economically viable solutions for waste management and to thereby drastically reduce Sharjah and by extension the UAE’s carbon footprint. With this in mind we are actively seeking partners, technology providers, and investors for a number of sustainable projects in the Middle East.”

Dr Abdulaziz Saeed bin Butti Al Mheiri, director of Sharjah Health Authority, outlined the array of opportunities available to prospective investors in Sharjah’s healthcare and related fields. Stating, “Sharjah’s healthcare industry is expected to grow by 9.3 per cent from its current Dh4.59 billion to Dh6.55 billion in that year — he stated that this represents a key opportunity for investors wishing to enter the market.”

— business@khaleejtimes.com

ERROR: Macro /ads/dfp-ad-article-new is missing!
MORE FROM Business
MORE FROM Khaleej Times
CurrentRequestUnmodified: /business/local/sharjah-china-roundtable-to-boost-trade-investments macro_action: article, macro_profile: ,1037,1036 macro_adspot:
KT App Download
khaleejtimes app

All new KT app
is available
for download:

khaleejtimes - android khaleejtimes - ios khaleejtimes - HUAWEI AppGallery