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Sharjah FDI Office highlights diverse investment opportunities for Belarusian companies in Sharjah

During a visit to Minsk; the Office also participated in participation in St. Petersburg International Economic Forum 2023

On a two-nation visit spanning Belarus and Russia, Sharjah FDI Office (Invest in Sharjah), has engaged with leading investment agencies, banks and development institutions, responding to a growing interest in Belarusian businesses and investors to establish their regional presence with an operational base in Sharjah. During these visits, Invest in Sharjah shared key insights on latest investor trends, introduced promising investment prospects in the emirate’s diversified economy, and explored robust strategies for successful joint ventures.

Led by Ahmed Obaid Al Qaseer, CEO of the Sharjah Investment and Development Authority (Shurooq), and Mohammed Juma Al Musharrakh, CEO of Invest in Sharjah, the visiting delegation met with officials from prominent entities, including the Belarusian National Agency for Investment and Privatisation, National Centre for Marketing and Price Study, Belarus Hi Tech Park, and the Development Bank of the Republic of Belarus.

Invest in Sharjah recognises the immense potential in strengthening investment relations with Belarus, given its thriving modern economy characterised by high-performance sectors that align seamlessly with Sharjah’s growth and diversification goals. In 2021, the trade turnover between Belarus and the UAE amounted to US$ 79.9 million, while the volume of bilateral trade in services amounted to $211.5 million.

Belarus’s key economic sectors have achieved noticeable growth. Hi-Tech Park witnessed remarkable success in 2020, with exports exceeding $2.7 billion, accounting for over 20 per cent of the country’s service sector exports. The Belarusian industrial sector, valued at approximately $61.7 billion in 2020, relies heavily on agricultural and heavy industrial equipment, electronic devices and other vital products that can fuel further growth in Sharjah’s robust industrial and manufacturing sectors. Furthermore, non-oil trade between Belarus and the UAE reached approximately $82.6 million in 2021.

Invest in Sharjah also participated in the St. Petersburg International Economic Forum 2023 in Russia, where the UAE was celebrated as Guest of Honour. The delegation discussed investment opportunities with Russian representatives from various economic sectors, given that the volume of trade between the two countries reached $9 billion in 2022 growing by 68 per cent. The forum was attended by more than 1,000 economic experts from 80 countries representing different vital sectors.

Al Qaseer stressed that Belarus had shown great interest in the emerging investment opportunities resulting from Sharjah’s comprehensive development journey. He pointed out that the emirate’s strategic policies to promote diversity and employ modern technology in developing vital sectors such as agriculture, manufacturing, healthcare, and education have always yielded new partnerships between the emirate and the world’s leading economic centres.

The CEO of Shurooq said that Minsk is the leading industrial centre in Belarus and one of the most important industrial and commercial centres globally, being the base for factories for heavy machinery, electric motors, electronic devices, as well as textile and food industries. He noted that attracting more Belarusian investments would be both a qualitative and quantitative addition to the emirate’s economy.

Al Musharrakh noted that the visit embodies Invest in Sharjah’s FDI vision, which focuses on building strategic partnerships with the world’s leading investment and development agencies. Sharjah is bolstering its status as one of the most important incubators for investments that support building a modern economy.

He added: “We are confident that our visit to Minsk in Belarus will yield important results for both sides. We met with key institutions that lead Belarusian investment decisions and trends. We have amply highlighted our strategy to support foreign investments and offer a nurturing climate for business growth and success in the emirate, while also sharing the success stories of 55 Belarusian companies in Sharjah, which represents a great starting point for larger and more diversified investments in the emirate in the near future.”