The Sharjah FDI Office (Invest in Sharjah), the investment promotion agency dedicated to the continued transformation and economic diversification of Sharjah, and the Italian Trade Commission (ITC) have inked a new MoU agreement expanding on bilateral investment prospects between Sharjah and Italy, building on new partnerships and business ventures across a variety of sectors between the two states, which took place during Invest in Sharjah’s participation at the Sixth UAE – Italy Joint Economic Committee.
Under the presence of His Excellency Sultan bin Saeed Al Mansoori, Minister of Economy, His Excellency Luigi Di Maio, Minister of Economic Development in Italy, and His Excellency Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq), as well several other representatives from both parties, the signing of the agreement took place between Mohamed Juma Al Musharrkh, CEO of the Sharjah FDI office (Invest in Sharjah) and Stefano Nigro Director of the Foreign Investment Department, Italian Trade Agency.
Invest in Sharjah’s visit to Rome was part of its participation within a high-level delegation led by the UAE Ministry of Economy, also taking part in the 2nd Italian – Arab Business Forum.
The new Memorandum of Understanding (MoU) will allow Sharjah to facilitate a direct boost in Italian businesses and investment volumes, to and from the emirate, as the partnership will enable the growth of the number of Italian registered businesses in Sharjah, which was estimated to be 260 in 2018 to-date.
Invest in Sharjah and ITC will be leading bilateral developments between Sharjah and Italy across numerous key sectors which include Mergers, Acquisitions and Alliances (M&A), brown and green field construction projects, bilateral real-estate investments as well as venture capitals and startups.
Invest in Sharjah’s mission and vision is to facilitate global investors and guide them to unique investment opportunities and potentials in Sharjah. Keeping the goal on the forefront, the partnership will also update, generate, and share new data and insights on both economies’ potential and forecasts which creates transparency and direct contact between investors from Sharjah and Italy.
From his part, His Excellency Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq, said: “The investment climate in Sharjah is increasing strategic development and growth year on year; this is being supported through a distinctive network of economic ties and relationships with global trade commissions and global investors, who are constantly on the look for secure, sustainable and profitable investments across emerging sectors.”
He added: “Sharjah’s competitive edge stems from its past of maintaining, developing and growing historic business relationships and ties, which year on year present new opportunities and business partnerships across a variety of sectors such as trade, manufacturing, SMEs, hospitality and real-estate; all of which are supported and reinforced with a strong framework of integrated services by numerous government entities in the emirate.”
Commenting on the new milestone, Mohamed Juma Al Musharrkh said: “This marks our second return to Italy, following our remarkable visit in the great city of Padua last April. As a result, the new MoU with ITC will not only boost foreign direct investment markets for both parties, but will expand on new business opportunities and prospects that offer a variety of investment options for Italian investors in Sharjah. We share a very long and strong relationship with ITC, especially in servicing Italian investors in Sharjah, and the new MoU will surely expand on this business venture to new horizons.”
The CEO of Invest in Sharjah added: “The global economy is currently undergoing substantial changes and reforms, with GCC markets leading the economic growth in the MENA region. Forecasts are projecting that global investors are shifting to low-risk markets for easier and more secured profitability. Sharjah plays a big role in tapping to such a market, and collaborating with Italian investors and businesses is the way forward to expand to new investment portfolios through the emirate’s emerging markets and explore sectors where our demands directly meet their supplies, and our regulations, policies, free zones and infrastructures directly meet their investors’ requirements.”
He noted: “We will also use this opportunity to upsell our streamlined services between Italian investors and government entities in the emirate of Sharjah, who are dedicated in working efficiently and effectively in servicing investors from all around the world.”
Stefano Nigro Director of the Foreign Investment Department, Italian Trade Agency, said: “Our new MoU with Invest in Sharjah, which builds on an ever-lasting bond we have with them and with the Emirate of Sharjah, will ultimately support our objectives in boosting Italy’s current non-oil trade exchange with the UAE, which is valued at more than $8.2 billion. The flexibility and diversification in Sharjah’s economy, especially across numerous sectors such as technology, construction, logistics, environment and trade paved the way for Italian investors’ confidence to a profitable opportunity through strategic partnerships and M&As.”
He continued: “Through our new venture both Sharjah and Italy will see a rise in cross-roadshows, trade fairs, exhibitions and conferences as tools and channels to paving the way for more Italian investors across a variety of business sectors in Sharjah, as well as specialized services that meet their business demands and convenience.”
Established in 2016, Invest in Sharjah is one of the emirate’s key economic growth drivers. It functions as a strategic facilitator to investors, servicing them with a 360-degree informative and physical support, allowing them a full understanding on processes, investment advantages and insights on key sectors that fit their business profiles in the emirate. Its mission is to work collectively with the emirate’s public and private sectors, and conducts international participations and missions to guide investors towards strategic and personalized opportunities, promoting collaborations for bilateral growth and update investors on Sharjah’s unique business culture.