Sharjah: The Sharjah Investment and Development Authority Shurooq and the National US Arab Chamber of Commerce, have signed a Memorandum of Understanding (MoU) aimed at strengthening investment and commercial relations between the Sharjah and the US and developing mutual economic cooperation, with the goal of promoting investment and enhancing exports and exchange of visits by trade delegations.
The MoU was signed by Shaikha Bodour Bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), and Amin Salam, Vice President of the National US Arab Chamber of Commerce, in the presence of a number of officials from Shurooq.
The agreement makes provision for the expansion of business networks and opportunities between Sharjah and the US, and encourages the smooth flow of economic information, statistics and business data to facilitate trade contracts and activate joint venture projects.
It also stipulates the participation of each party in trade shows and conferences organised by the other, overcoming obstacles facing the growth of investments and businesses, encouraging bilateral investments, and exchanging expertise and training.
The total value of trade between the UAE and the US rose by 12.5 per cent in the first nine months of this year, to $20,56 billion (Dh75.46 billion), compared with $18.27 billion (Dh67.05 billion) in the first nine months in 2012 — a strong growth that reflects the desire of both countries to further expand their bilateral relations.
Shurooq’s Chairperson also pointed out that the MoU comes as a direct result of the roadshow in the US that was organised by Shurooq last month, and believes that the agreement will contribute to boosting Sharjah’s position as a regional hub for US investments in the Middle East and attracting US companies to regional markets.
