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Sharjah chamber briefs Russian investors on business opportunities

Sharjah-Russia business forum involved business meetings between business owners from the two countries

The Sharjah Chamber of Commerce and Industry (SCCI) has organized the "Sharjah-Russia business forum" to discuss ways to boost economic ties and deepen commercial collaboration with Russian business community.

During the meeting, the chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities as well as on the investment opportunities available in various economic sectors. The forum also witnessed bilateral meetings between business owners from the two sides to exchange experiences and explore new avenues to advance their collaboration.

Abdulaziz Mohammed Shattaf, assistant director-general of the Communication and Business Sector at the Sharjah Chamber; Ibrahim Rashid Al Jarwan, director of the Economic Relations and Marketing Department, SCCI; and Maksim Zagornov, Business Ambassador of Business Russia to the UAE; attended the meeting. Also present were a number of businessmen, investors, and representatives of the local business community.

Abdulaziz Shattaf stressed that the business relations between the UAE and Russia are rapidly growing across various fields, something which has had a significant impact on the volume of trade exchange that reached Dh12 billion in 2021, an increase of 116 per cent.

“The UAE accounts for 55 per cent of the total Russian-Gulf trade, and holds 90 per cent of Russia's total investments in the Arab countries. Additionally, 80 per cent of the total Arab investments in Russia are made by the UAE, while Russian exports to the UAE amounted to Dh10.6 billion. Also, Emirati exports to Russia increased by almost 40 per cent to Dh1.46 billion,” Shattaf said.

He went on to say that the mutual economic cooperation covers different strategic sectors, including renewable energy, space, modern technology, the Fourth Industrial Revolution, food security, infrastructure, petrochemicals, ports, and aviation.

Maksim Zagornov said that the Russian Business Council has over 7,000 companies and more than 3 million members. Due to Sharjah's ease of doing business and its secure and suitable environment for all investments, regardless of their size and expertise, all of these enterprises, which generate an annual profit return of around $30 million, have a strong desire to explore investment prospects in the UAE in general and Sharjah in particular.

During the event, Lamia Al Jasmi, Hhead of the Exporters' Service and Markets Department, SCCI, delivered a presentation outlining the role and key services provided by the Sharjah Exports Development Centre.

Al Jasmi pointed out that the center, via a range of services it offers to boost industrial and exporting businesses, plays a key role in producing an optimal atmosphere that supports and develops local exports.

The Sharjah Airport Free Zone (Saif Zone) also took part in the gathering where the free zone’s representative, Anoop Warrier, briefed the delegates on the advantages and logistical services provided by Saif Zone for investors, including 100 per cent foreign ownership of businesses, 100 per cent repatriation of capital and profits, and 100 pr cent corporate or personal income tax exemptions, 100 per cent import and export tax exemptions, fast-issuance of licenses (within an hour), warehouses of different sizes, plots of lands, leasable furnished offices, and above all, strategic location.

— muzaffarrizvi@khaleejtimes.com