Sharjah signs four MoU's during USA Roadshow

Washington, D.C.: Sharjah Investment and Development Authority (Shurooq) and Sharjah Chamber of Commerce and Industry (SCCI) have signed four separate Memorandums of Understanding with US based authorities with the aim of strengthening commercial ties, developing reciprocal cooperation and expanding strategic partnerships in terms of trade exchange between Sharjah and the USA. The MoU's were signed during the Sharjah Roadshow in the USA which is on a five-day tour of Washington D.C. and New York City, between the 30th of September and the 4th of October. Organised by Sharjah Investment and Development Authority (Shurooq), the Roadshow delegation is comprised of more than twenty Sharjah based corporations, entities, organisations, and government departments. Under the terms of the MoUs, the parties will seek to share experience in promoting and attracting foreign investment, and facilitate company referrals, thus increasing business activity in Sharjah and the USA. Parties will also explore broader channels of cooperation in sectors such as retail, SMEs, industry, technology, renewal energy, tourism, healthcare and logistics. Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Sharjah Media Centre and Head of the Sharjah Delegation, was pleased with this step forward made during the roadshow, as both sides seek to expand business and investment cooperation. He emphasised that Sharjah is keen to explore and activate new channels of international cooperation and to promote its business offerings and investment opportunities to further boost its position as an ideal regional base for business and investment. Sharjah Investment and Development Authority, in the presence of Sheikh Sultan bin Ahmed Al Qasimi and Michael Corbin, United States Ambassador to the UAE and a number of directors of participating entities, signed an MoU with the US-UAE Business Council, the business advocacy organisation tasked with advancing the longstanding and valuable commercial relationship between the two countries. Marwan bin Jassim Al Sarkal, CEO of Shurooq, said, "Our primary goal during the Roadshow is to lay the foundations for increased cooperation between the business communities of Sharjah and the United States. The establishment of formal Memorandums of Understanding to support and encourage business relationships between us is a key component in ensuring the success of this undertaking and we are extremely pleased to see these agreements take shape". Under the terms of the MoU, Shurooq and the US-UAE Business Council will work to encourage and promote investment and commercial cooperation between their business communities as well as the exchange of business delegations, exports, and economic discussion. The two parties have also agreed to encourage the flow of reciprocal economic information, statistics, and trade data to encourage bilateral trade and joint projects as well as the execution of joint research activities whenever possible. In addition, Shurooq and the US-UAE Business Council will endeavour to assist each other in organising or participating in trade fairs, exhibitions, conferences, seminars, and other similar activities held in either country. The MoU further calls for both parties' best efforts to eliminate obstacles that may hinder the growth of investment and commercial activity, the exchange of technical expertise and training opportunities, and the promotion of investment opportunities available in each party's respective country with the aim of encouraging bilateral investments. The Sharjah Chamber of Commerce and Industry, represented by its Director-General, Hussain Mohammed Al-Mahmoudi, signed a further three similarly termed Memorandums of Understanding with the US Chamber of Commerce, the US-Arab Chamber of Commerce, and the US-UAE Business Council respectively. Hussain Mohammed Al-Mahmoudi, Director-General of the Sharjah Chamber of Commerce and Industry, commented, "The signing of these MoUs is yet another step forward in consolidating Sharjah's growing position as a favoured regional base for international business operations as well as a preferred investment destination. The Sharjah Chamber of Commerce and Industry looks forward to working with its colleagues in the US-UAE Business Council, the US Chamber of Commerce, and the US-Arab Chamber of Commerce as we endeavour to leverage Sharjah's immense economic and investment potential". Al-Mahmoudi stressed the importance of this step to strengthen cooperation with the US business community, saying, "Reports show that enormous and diverse opportunities are ready for exploration and development to serve the interests of the business community in both countries. The solid relationships between the UAE and the USA and the global position of the two countries will serve any investment or business activity in the future". The Sharjah Roadshow in the USA sees the largest ever delegation to represent the emirate in a roadshow abroad. The delegation is comprised of representatives from Sharjah Investment and Development Authority (Shurooq), the Sharjah Chamber of Commerce and Industry (SCCI), the Sharjah Commerce and Tourism Development Authority (SCTDA), the Sharjah Economic Development Department (SEDD), Sharjah Media Corporation (SMC), Sharjah Media Centre (SMC), the Sharjah Environment and Protected Areas Authority (EPAA), Hamriyah Free Zone Authority (HFZA), the Sharjah Museums Department (SMD), Sharjah Health Authority (SHA), Sharjah Department of Public Works (DPW), Sharjah Environment Company (Bee'ah), Sharjah Tatweer Forum, Crescent Petroleum, Crescent Enterprises, Dana Gas, USA Regional Trade Centre, the American University of Sharjah (AUS), and the Sharjah Business Women Council. – Emirates News Agency, WAM