Shurooq signs agreement with Turkish investment authority to foster bilateral trade
Sharjah 24 Feb 2013
By: Zulfiqar Shah
In the presence of His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and Turkish Prime Minister Recep Tayyip Erdoğan, Sharjah Investment and Development Authority (Shurooq) has signed a Memorandum of Understanding (MoU) with the Republic Of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) with the aim of strengthening business relations and developing reciprocal cooperation between Sharjah and Turkey. The signing ceremony took place during the second Government Communication Forum (GCF 2013) held under the theme ‘Effective Communication- Unified Message’, which was opened on Sunday the 24th of February by His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, at the Expo Centre in Sharjah. The MoU was signed by Shurooq Chairperson HE Sheikha Bodour bint Sultan Al Qasimi and ISPAT President Mr M İlker Ayci. Shurooq Chairperson HE Sheikha Bodour bint Sultan Al Qasimi remarked that trade between the UAE and Turkey has not only been highly mutually beneficial, but that future forecasts are extremely positive. Figures show that Turkish investments in the UAE reached in the region of $6 billion, with the main focus in the construction sector, while the UAE investments in Turkey amount to approximately $5 billion in 2011. Trade between the two countries reached $ 5 billion in the same year and is forecast to markedly increase to up to $10 billion by 2015. Sheikha Bodour went on to stress that the relationship between Turkey and the UAE, however, goes well beyond just trade and investment, citing both the historical and cultural ties between the two, the numerous Turkish citizens who live and work in the country’s building, tourism and transport sectors, as well as the many, in the region of 120, exhibitions in the UAE that Turkey participates in on a yearly basis. Sheikha Bodour Al Qasimi further commented, “This Memorandum of Understanding marks yet another milestone for Shurooq as it continues to establish Sharjah’s position as a leading investment destination in the Emirates and the region. We are constantly working to both promote the Emirate of Sharjah’s many attractive investment opportunities and explore ways through which we can attract even more investors. As the UAE’s most diversified economy, Sharjah occupies a unique position in the Emirates, and its many attractions, economic and tourism investment opportunities, as well as its sophisticated infrastructure and advanced telecom networks that allow easy access to local and international markets, only further strengthen its attraction. We look forward to working with ISPAT in the future and are confident that Sharjah and Turkey will both reap the exceeding benefits of this agreement.” Under the terms of the MoU Sharjah and Turkey will aim to promote investment opportunities available in their respective countries with the aim of encouraging bilateral investments. Shurooq and ISPAT have agreed to encourage, promote and facilitate investment and development cooperation among their respective business communities as well as to coordinate, establish, and expand a business network, which will facilitate the circulation of the various business opportunities available in both countries. They will also endeavour to encourage the flow of reciprocal economic information, statistics, and trade data to facilitate trade contracts and activate joint projects as well as to support joint research activities whenever possible or required. In line with this strategy Sharjah and Turkey will proactively work to exchange publications, magazines, periodicals, directories, and information on laws and regulations governing economic and business activities for their respective business communities as well as to support and encourage the exchange of technical expertise, know-how, and training opportunities. Both Sharjah and Turkey shall assist the other in organising and participating in trade fairs, exhibitions, conferences, seminars, and other similar activities held in either country, in addition to encouraging the exchange of business delegations, exports, and economic discussion and actively supporting the follow–up of such visits. This will be done with the aim of eliminating any obstacles that may hinder the growth of investment and business by identifying barriers and finding suitable solutions as well as The Government Communication Forum (GCF) is being held at the Expo Centre Sharjah from 24 – 25 February 2013 and is an annual forum, which imports the latest global best practices in the fields of government communication, media, public relations and other related fields into the region and especially into Sharjah.The Republic of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) is the official organization for promoting Turkey’s investment opportunities to the global business community and providing assistance to investors before, during and after their entry into Turkey. ISPAT serves as a reference point for international investors and as a point of contact for all institutions engaged in promoting and attracting investments at national, regional and local levels. 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.