SHARJAH, UAE – The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and Russia with the Moscow Chamber of Commerce and Industry.
The meeting that took place at Expo Center Sharjah (ECS) brought together Abdallah Sultan Al-Owais, SCCI’s Chairman, and Vladimir Platonov, Chairman of the Moscow Chamber of Commerce and Industry.
Waleed Abdul-Rahman Bukhatir, SCCI’s Second Vice Chairman, Mohammed Hilal Al-Hezami, SCCI’s Member of the Board of Directors, Mohammed Ahmed Amin Al-Awadi, SCCI’s Director-General, Saif Mohammed Al-Midfa, CEO of the ECS, and Fatima Khalifa Al-Muqarrab, Director of the SCCI’s International Relations Department, were present in the meeting.
Al-Owais said that Russia represents a rewarding investment option for local companies especially in the food manufacturing, energy, technology and innovation sectors.
He said that Sharjah has many strategic advantages for Russian companies which plan to expand in the region’s markets, through an integrated package of attractive incentives for businessmen.
He said that Sharjah is an ideal environment for industrial companies in various sectors – especially startups – as the emirate provides industrial investors with lands starting from 400 square meters to build factories that are exempted from government service taxes in the first three years.
Al-Owais said that the exclusive facilities and privileges provided by the free zones in the emirate, as well as its strategic location and position as a vital and outstanding economic hub and a key destination for business and investment regionally and globally is highly suitable for startups and companies.
Underlining the warm welcome by SCCI officials, Platonov said that Sharjah is a preferred destination for Russian business community.
He said that UAE-Russia relations are witnessing a significant growth in various domains.
He said that Moscow Chamber now has over 760 thousand registered member companies.
He added that from the beginning of 2019 the Chamber began a strategy to support foreign investors by calculating a profit tax of only 4 percent to 6 percent.
The Chairman of the Moscow Chamber said that within three years, his Chamber was able to attract 1,150,000 investors to work in Moscow.
Platonov said that investments in Moscow focus on digital and technological industry, food manufacturing, artificial intelligence, cosmetics and waste recycling.
He said that these industries generally fall within the interests of Sharjah and the UAE in general.