The agreement is aimed at improving and expanding business relations between Hong Kong and Sharjah, leverage their strengths to promote sustainable and innovative business solutions across Asian and global markets.
Mohamed Al Musharrakh, CEO of the Sharjah FDI Office (Invest in Sharjah), and Margaret Fong, Executive Director of Hong Kong Trade Development Council (HKTDC), signed the Memorandum of Understanding (MoU), in the presence of Ahmed Obaid Al Qaseer, CEO of Sharjah Investment and Development Authority (Shurooq), and Horace Cheung Kwok Kwan, Deputy Secretary for Justice, Hong Kong Special Administrative Region of the People’s Republic of China.
The MoU recognises the benefits of cooperation in the support and advancement of mutual goals, including fostering a positive economic environment and developing trade relationships and business opportunities. It also outlines cooperation between the two entities, including the exchange of information on trade and investment issues, support for seminars and outreach activities, assistance for trade and investment missions, and information on industry sectors of mutual interest.
Al Musharrakh said, “Hosting representatives from Hong Kong is an exciting moment for Invest in Sharjah and underscores our commitment to building strong partnerships with key players in the global business community. We believe that this cooperation will help us to better understand the needs of businesses in both regions and provide tailored support to help succeed mutually.”
For his part, Horace Cheung Kwok Kwan commented, “With a bilingual ecosystem and a thriving business hub, Hong Kong is the perfect choice for companies looking to expand into the Asian market. Just like Sharjah, Hong Kong is strategically located for cross-border trade and market integration, with a commitment to innovation and a strong government support system.”
He added that Hong Kong is the harbour to Asia, providing a solid foundation for investment, and this additional partnership with Sharjah is just the beginning of yet another era of knowledge and trade exchange.
Johann Wong Chung Yan, Acting Commissioner for Belt and Road, said that 30 business representatives from Hong Kong were on hand at SIF 2023 to explore further opportunities for collaboration.
“With over 9,000 foreign companies based in Hong Kong, including over 1,500 regional headquarters, the region is an unrivalled gateway to the Asia and Pacific region. The partnership between Sharjah and Hong Kong has already delivered impressive results. In 2021, the two regions achieved a bilateral trade of Dh47 billion, with 10% of Chinese trade routed through Hong Kong,” he said.
He further explained that the new partnership will channel more investments through Hong Kong, with a focus on cross-border trade and market integration, while also leveraging the strengths of both regions.