Sharjah, Malaysia economic ties

A delegation from the Sharjah Investment and Development Authority (Shurooq) begins a weeklong tour to Malaysia, which aims to explore means of co-operation and develop economic relations with Malaysia. Shurooq, embarked on a tour to Kuala Lumpur also aims to promote the business potential and investment attractions in the emirate of Sharjah. During the tour, which will run until Sept.7, the delegation - led by Shurooq CEO Marwan Bin Jassim Al Sarkal and including Elie Armaly, Director of Business Development at Shurooq and Mohammed Juma Al Musharrakh, Head of Investment Promotion at Shurooq - will meet with a number of government and private economic and investment bodies in Malaysia. Speaking about the trip and its goals, Al Sarkal stated that it is in line with Shurooq’s ambitious strategy to encourage and attract corporate and individual investors from around the world, as well as to boost Sharjah’s prominence on the global economic map. “The tour forms part of Shurooq’s nonstop efforts and ongoing keenness to inform the international community of Sharjah’s investment attractions and to highlight the emirate’s various economic and geographic elements. It is also aimed at strengthening economic ties with Malaysia,” Al Sarkal said. He explained that, in addition to Malaysia, Shurooq is keen to promote the emirate of Sharjah in a number of countries around the world, including Turkey, Greece, Germany, China and Singapore, where it will highlight the diverse range of promising opportunities and benefits for investors, especially in light of the facilities and incentives provided by various authorities in the emirate. Pointing out that Shurooq is seeking to create a mechanism of long-term economic co-operation between Sharjah and Malaysia, Al Sarkal said: “Malaysia is one of the most important and influential economic players in Asia and, as in other countries around the world, we are eager to showcase the vast range of opportunities available in Sharjah to investment authorities, economic institutions, companies and individuals in the country.” Al Sarkal stressed that Sharjah’s distinguished characteristics - its economic boom, strategic location and positive investment climate - makes it an ideal destination for companies and individuals who wish to set up new investments or who are looking to expand their businesses. The Shurooq CEO emphasised that Sharjah’s economy has one of the highest levels of diversification in the region and that the emirate is the only economy in the Middle East with no single sector contributing more than one fifth of GDP. In addition, he highlighted that Sharjah enjoys a strategic location between Europe and the Far East, and that it is the only GCC hub with direct access to the Gulf and Indian Ocean, offering a gateway to 2 billion people in 160 countries - a fact that qualified it to become a regional re-export hub. Al Sarkal added that, in addition to various benefits and incentives, the emirate also enjoys flexible legislative laws that offer stability and growth to investors. Al Sarkal explained that the delegation will meet with a number of ministries, government bodies and authorities, as well as investment companies and senior investors to discuss possible means of cooperation and to provide them with detailed information on the emirate’s fastest growing sectors, which include transportation, tourism, logistics, healthcare and education. During the visit the delegation will also be highlighting other vital sectors such as manufacturing - Sharjah is recognised as a key hub for manufacturing and industrial activities in the region and contributes 33 per cent of the UAE’s total manufacturing sector. Malaysia is one of the largest economies in the Association of Southeast Asian Nations (Asean), which also includes Indonesia, Singapore, Thailand and the Philippines. There are currently 150 Malaysian companies and trading agencies registered in the UAE and, according to Malaysian statistics, the UAE was one of Malaysia’s biggest trading partners in the GCC in 2011, with a trade volume of Dhs24.42 billion. Bilateral trade with the GCC stood at Dhs50.76 billion while investments between the UAE and Malaysia reached Dhs349billion ($95 billion) by the end of 2011.    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 to help attract investors from the region and the world. From gulftoday