Sharjah draws up laws to attract funds

In line with the UAE, Sharjah has in recent months taken several steps to draw up strong rules and regulations aimed at attracting investors and ensuring safety and stability, Sheikh Mohammed bin Sultan bin Mohammed Al Qasimi, declared yesterday.

"But we need to continue taking such steps to maintain economic growth," he acknowledged. "Hence we review and revise our plans every six months to a year, to maintain the momentum."

He however stressed all legislations being drawn up by Sharjah Government would be in strict compliance with the federal laws and regulations: "The UAE's rules are respected by all, and our laws will be drawn up in unity.

"The UAE stands for openness, and welcomes investors. Foreigners come here for the safety and stability we provide, and it is the government's duty to provide an atmosphere conducive to economic growth. And all our own laws will strive to provide such an environment, which being in total compliance with the Federal requirements."

He was speaking just after jointly inaugurating the Chinese Commodities Fair with Wei Jianguo, Vice-Minister at China's Ministry of Foreign Trade and Economic Cooperation.

The fair - China's largest outside its homeland - has attracted over 700 Chinese companies. It is being staged jointly at Expo Centre Sharjah and the Chinamex complex alongside, and runs until December 14. Apart from high-ranking Chinese officials, a host of senior state dignitaries, diplomats and businessmen attended.

Sheikh Sultan reiterated Sharjah needs more infrastructure development projects. "We have set up free zones and several other facilities, but with tourism being one of our thrust areas, we need to set up more hotels and allied facilities.

"But some new projects coming up and several more are in the pipeline," he said, while pointing to the need to also provide sufficient facilities to house both investors and residents.

He earlier welcomed the visiting Chinese dignitaries and urged local businessmen to explore investment opportunities in the People's Republic, which has opened up to foreign investment.

Meanwhile Yang Weiguo, Chinese consul general, said bilateral trade with the UAE is set to hit Dh11.75 billion ($3.2 billion) this year, against Dh10.28 billion ($2.8 billion) in 2001. China's exports to the UAE last year totalled Dh8.81 billion ($2.4 billion).

"We have enjoyed cordial relations with the UAE and are seeking to cement our ties further. We are also viewing this exhibition - which is attracting visitors from all over the Gulf - to foster closer ties with the GCC states as well," he said.

He added several UAE-based investors have evinced interest in investing in China, while third party projects utilising UAE financing and Chinese technological expertise in other countries are also possibilities.