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Shurooq and ISPAT sign landmark MoU

Shurooq signs agreement with Turkish investment authority to foster bilateral trade

Image Credit: Ahmed Ramzan/Gulf News
The Al Majaz waterfront, one of Shurooq’s projects, inSharjah.
Gulf News

Sharjah: In the presence of His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and Turkish Prime Minister Recep Tayyip Erdogan, 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’, at the Expo Centre in Sharjah. The MoU was signed by Shurooq Chairperson Shaikha Bodour bint Sultan Al Qasimi and ISPAT President M İlker Ayci.

Shurooq Chairperson Shaikha Bodour said 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. Shaikha Bodour said 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 nations.

“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,” said Shaikha Bodour

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 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.