Majlis to focus on role of state legislation in attracting FDI

Sharjah: The upcoming edition of Sharjah Economic Ramadan Majlis, scheduled for Sunday at the Al Jawaher Reception and Convention Centre (JRCC) in Sharjah, will host discussions on a series of topics based on the theme ‘The Contributions of Government Legislations to Attract FDI’, for ambassadors, state representatives, senior government officials, businessmen and investors.

The fifith edition of the Majlis, to be organised by Sharjah Investment and Development Authority (Shurooq), Sharjah Chamber of Commerce and Industry (SCCI) and the Sharjah FDI Office (Invest in Sharjah) will focus on recently enacted laws and legislations aimed at bolstering the FDI sector and ensuring its growth in the UAE, particularly in Sharjah.

The Majlis will discuss ways to enhance the investment environment to encourage business in all fields and reinforce UAE’s position as a top destination for investors at the regional and global levels.

In line with the national vision of FDI as a key part of economic growth and the driving force of sustainable development, the Majlis will address UAE’s vision and strategy to engage promising economic sectors for inclusive growth in all sectors in Sharjah and the UAE.

Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq, said that UAE’s legislative system kept pace with economic and technological developments at the regional as well as global levels and enhanced competitiveness. It continued to rank among the top countries that attracted FDI by providing incentives for stimulating business growth.

Al Sarkal said the Majlis was an important platform that brought together officials and economic experts to discuss the investment ecosystem in Sharjah and the UAE, based on Shurooq’s vision to improve collaboration between government entities and the private sector.

He noted that investment incentives and the business-friendly climate in Sharjah – including flexible legislation, ease of doing business and premium infrastructure – have poised the emirate as a gateway for regional as well as international businesses. The strong financial position of Sharjah enables it to fund capital development and infrastructure projects.

Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry, said the investment regulations and climate in the UAE, have made the country a preferred destination for FDI, and placed the country among the top-ten FDI destinations world-wide. He noted that the current laws and regulations governing investment allow full ownership in specific sectors. He added that the UAE expanded its incentives programmes in sectors aligning with the UAE Vision 2021, which will attract international companies to setup operations in the country.

Al Owais said the investment climate and incentives such as freehold laws, ownership regulations in real-estate property in Sharjah, in addition the close relationship between the public and private sector has gained investors trust, and made the emirate more appealing to FDI, as proven in statistics released by the chamber. In the first quarter of 2019, membership growth at the chamber has increased by 16%, membership renewal increased by 6% as compared to the first quarter of last year.

Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, praised UAE’s efforts to provide investors with flexible legislation and policies, offering them an opportunity to grow their businesses and benefit from the strategic location and the world class infrastructure, including ports, transportation, industrial areas, free zones, communication network and the advanced banking system available across the country.

He also underlined Sharjah’s untiring efforts to develop its investment environment to encourage current investors to expand their operations in the emirate and attract new investors to establish businesses and grow on a regional scale. Stability and investment incentives played a key role in accelerating investment flows into the emirate, which in turn drove its economic growth by creating more job opportunities, and improved productivity and exports.

Last year, Shurooq, SCCI and Invest in Sharjah organised the fourth edition of the Sharjah Economic Ramadan Majlis at Al Jawaher Reception and Convention Centre. Themed ‘Economic Incentives for Accelerating Business Growth’, the event attracted senior government officials, diplomats, consuls, business owners and investors.

Business Bureau, Gulf Today