FDI has huge social benefits

His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, delivers his opening address at the second edition of the Sharjah FDI Forum on Wednesday.

Foreign direct investment (FDI) builds a nation's culture, art and literature in addition to a wealthy economy.

This was stated by His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, in his opening address at the second edition of the Sharjah FDI Forum on Wednesday.

The Sharjah Ruler emphasised that manpower is the main pillar of the economy both at the local and international level.

Organised by the Sharjah Investment and Development Authority (Shurooq) in collaboration with the UK's Financial Times and the fDi Magazine, the two-day Sharjah FDI Forum 2016 has been established to offer an inclusive economic outlook for the future of investment in Sharjah, with a focus on FDI.

"The most desirable economy is one which can be measured in terms of its positive effects on society. This can be seen through social stability, strong bonds among people and sustainable sources of income," he said, adding: "We want an economy that contributes to building a society and culture that strengthens ties within it. This culture can create a balance between one's identity and society at large."

He expressed his desire for an economy that creates the foundations for a civilisation with all its aspects, including arts, literature, values and ethics. "This is the real wealth of nations."

He said Sharjah's outlook for foreign investment and investors goes beyond its material implications. Foreign investment is a bridge for cultural exchange and for sharing science, knowledge and expertise.

FDI is a bridge for sharing knowledge in every sense of the word, akin to what trade convoys did in history when they transported books, philosophy and news about discoveries and inventions, along with goods, he explained.

Following the opening address, the Sharjah Ruler honoured the sponsors and media partners of the forum; including the Bank of Sharjah, Enoc, Sharjah Chamber of Commerce and Industry, Sharjah Islamic Bank and Tilal Properties. He also honoured Saja Industrial Oasis and Gulftainer, as well as CNBC Arabia and Sharjah Media Corporation.

- abdulbasit@khaleejtimes.com