Sharjah, Russia a promising future and opportunities for investment and industrial partnership

03-03-2020

Sharjah Economic Development Department “SEDD” concluded the works of “UAE-Russian Business Forum” in Sharjah, which was organized by SEDD in cooperation with the Ministry of Energy and Industry. The Forum aimed to discuss ways of enhancing the strategic partnership between the two countries in various sectors of common interest from the health, education, trade, industry, technology and other sectors. It focused on the importance of benefiting from the great economic, commercial and investment elements for both sides and exploring more opportunities for future cooperation in light of the existing initiatives and projects in the two countries and their future directions for development.

It should be noted that “UAE- Russian Business Forum” is considered one of the most important Forums in the country. It supports the strong economic relations between the two countries, which resulted in a number of agreements held between the two sides, whether in the governmental and federal sectors or between private companies. Such thing was accomplished through a series of panel discussions and sessions aimed at coming out with a package of recommendations supporting the future of the economy.

Commenting on such Forum, His Excellency Sultan Abdullah Bin Hadda Al Suwaidi, Chairman of Sharjah Economic Development Department “SEDD”, said that UAE in general and Sharjah in particular have strong diplomatic and economic relations with the Federal Republic of Russia. Such relations are based on solid foundations of cooperation between the two countries to achieve fruitful results in the economic field as Russia has long been one of the largest trading partners of the United Arab Emirates and such relation has been characterized by continuous growth in various fields.

Also, HE added that “UAE- Russian Business Forum” played an important role in achieving the two countries' vision to develop and strengthen bilateral relations on the economic and commercial levels, as the Emirate of Sharjah has become in the past few years a model for comprehensive and balanced development at various levels. Likely, it succeeded in developing a number of leading industrial centers where it embraces number of the leading companies. This contributed to making the Forum an event of great importance to develop the future of cooperation between the two countries.

Besides, HE SEDD Chairman illustrated that such Forum was organized as an important step to facilitate the entry of major technology companies and multinational companies in Russia to new global markets to find opportunities promising to forge innovative business partnerships that will support its growth and expansion.

It is worth mentioning that the Forum came out with several recommendations that included developments of cooperation in the field of trade and investment, as well as discussion of ways to coordinate with regards to organizing joint trade and foreign economic delegations from the two countries. In addition, highlighted  the economic diversification between Sharjah and Russia and the efforts being implemented to develop the capabilities of the national economy in the non-oil sectors and enhance the contribution of non-oil GDP. Such thing will stimulate the business environment and empower the private sector, by reviewing the diversity of opportunities for trade and investment partnerships between the two countries as reviewed by the Russian side projects and innovations that companies are implementing in a number of vital areas, most notably industry, trade, space, medical sectors, robotics, and technology.

A number of business-to-business meetings accompanied the Forum between investment companies from both sides, where more than 30 meetings were held between businesspersons and heads and managers of companies to discuss cooperation and partnerships in multiple fields, especially in the sectors of industry, construction, construction, foodstuffs, medicine and medical equipment.

For his part, His Excellency Dr. Abdulaziz Al-Muhairi, Director General of Sharjah Healthcare Authority stressed that the Forum is important for the authority, as it is an opportunity to communicate with the Russian side, with representatives from Russian government agencies and companies, as well as government agencies in the country. Such thing helped to present investment opportunities in the health sector and highlight the role of city Sharjah Healthcare Authority as a medical free zone in the emirate. Also, it helped to highlight the facilities provided by the emirate for investors in this sector and the investment opportunities that the city provides from small, medium or large hospitals, as well as specialized clinics and rehabilitation as well as physical therapy centers. It should be noted that the health care sector is one of the strategic sectors falling within the economic development plan of the Government of Sharjah. Therefore, the Forum is considered an opportunity to meet with partners on the Russian side and open direct communication channels to raise the economic side of both sides and benefit from mutual experiences.

On the other hand, Hussian Al Mahmoudi, CEO of Sharjah Research, Technology and Innovation Park, said that the presence in the “UAE-Russian Business Forum” is a chance to display the investment opportunities in an integrated manner with other government agencies in Sharjah. This helped to reflect the common goals, which is to promote the Emirate of Sharjah, through the incentives, and facilities provided by the emirate to enhance the investment opportunities available in it and to makes it one of the preferred destinations for global investment.

Furthermore, Al Mahmoudi stressed that the RTI PARK aims at providing an appropriate environment for creativity and innovation to upgrade the position of the Emirate of Sharjah as a global destination in the fields of research and technology. he added that all of this is done  to support the emirate’s orientations towards a knowledge-based economy by supporting, encouraging and developing the innovation system, and supporting applied scientific research and technology. This will help to carry out investment activities, within a region characterized by following the best international standards in providing quality services that will support attracting investments to work in a safe investment atmosphere and an integrated infrastructure, which will provide opportunities for industries and enterprises technological success and sustainability.

Moreover, Al Mahmoudi stated that RTI PARK  has a lot of elements that makes it one of the best destinations for Russian innovators and companies and the world. He also reviewed the goals and vision of the PARK that comes as a translation of the vision of His Highness the Ruler of Sharjah, to establish the Emirate of Sharjah as a capital for education and scientific research to support scientific research. It is worth noting that the PARK created an innovative world-class research environment, focusing on a number of priorities in our work: water technology, renewable energy, environmental technology, transportation technology, information technology, and design Industrial and architecture.

From his side, Mohammed Juma Al Musharrakh, CEO, Sharjah FDI Office (Invest in Sharjah), said: “The UAE has grown into Russia's largest trading partner within the GCC region, with bilateral trade volumes exceeding $3 billion in 2019. Every socioeconomic indicator projects a further growth in these numbers, and Invest in Sharjah has a plan in place to build on the interest shown by Russian investors in Sharjah’s potential during our roadshow in Russia last year. This key forum organised by the Sharjah Economic Development Department is a new opportunity for us to convey Sharjah’s keen interest in promoting bilateral trade and attracting Russian investments by shining light on new and upcoming opportunities in a variety of sectors that continue to grow in the emirate’s strong and diversified economy. It’s an opportunity to showcase world-class services we continue to introduce to boost foreign investors’ ease of entry into our markets. The newly-launched Sharjah Investors Services Centre (SAEED), for instance, is a fully tech-driven, one-window service that will help a business set up in less than 60 minutes.”

 

He added: “Sharjah became home to the first Russian company in the UAE in 1991; established the first Russian school as well as the first Russian hospital in the UAE; and is home to the largest Russian Orthodox church in the nation. Sharjah and Russia share a strong focus on culture, history and the arts, and are committed to education and innovation. Our emirate already hosts hundreds of Russian companies, and through the UAE-Russia Business Forum, we will showcase Sharjah’s many advantages Russian investors can leverage to not only grow their businesses locally, but regionally."

The attendees praised the importance of holding such meetings and forums that would improve the work followed in the emirate and the state, in order to enhance the economic and advisory system. Also, SEDD is looking forward to holding a number of future meetings with a number of investors and businessmen from various countries to expand the commercial and economic investment area of the emirate and to reach the best practices followed and to attract investment and investors continuously.

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