SHARJAH, UAE – The Sharjah Chamber of Commerce and Industry (SCCI) has organized a forum to discuss ways to boost economic ties and deepen commercial collaboration with Russian business community.
During the meeting at the “Sharjah-Russia business forum”, the chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities as well as on the investment opportunities available in various economic sectors.
The forum also witnessed bilateral meetings between business owners from the two sides to exchange experiences and explore new avenues to advance their collaboration.
Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the SCCI, Ibrahim Rashid Al Jarwan, Director of the Economic Relations and Marketing Department, SCCI and Maksim Zagornov, Business Ambassador of Business Russia to the UAE, attended the meeting.
Also present were a number of businessmen, investors and representatives of the local business community.
Abdulaziz Shattaf stressed that the business relations between the UAE and Russia are rapidly growing across various fields, something which has had a significant impact on the volume of trade exchange that reached US$3.2 billion (AED 12 billion) in 2021, an increase of 116 percent.
“The UAE accounts for 55 percent of the total Russian-Gulf trade, and holds 90 percent of Russia’s total investments in the Arab countries,” he said.
“Additionally, 80 percent of the total Arab investments in Russia are made by the UAE, while Russian exports to the UAE amounted to $2.8 billion (AED 10.6 billion). Also, Emirati exports to Russia increased by almost 40 percent to $397 million (AED 1.46 billion),” he added.
Shattaf went on to say that the mutual economic cooperation covers different strategic sectors, including renewable energy, space, modern technology, the Fourth Industrial Revolution, food security, infrastructure, petrochemicals, ports, and aviation.
Maksim Zagornov said that the Russian Business Council has over 7,000 companies and over three million members.
Due to Sharjah’s ease of doing business and its secure and suitable environment for all investments, regardless of their size and expertise, all of these enterprises, which generate an annual profit return of around $30 million, have a strong desire to explore investment prospects in the UAE in general and Sharjah in particular.
Lamia Al Jasmi, Head of the Exporters’ Service and Markets Department, SCCI, delivered a presentation outlining the role and key services provided by the Sharjah Exports Development Center.
Al Jasmi pointed out that the center offers to boost industrial and exporting businesses, plays a key role in producing an optimal atmosphere that supports and develops local exports.
The Sharjah Airport Free Zone (SAIF Zone) representative Anoop Warrier, briefed the delegates on the advantages and logistical services provided by it for investors, including 100 percent foreign ownership of businesses, 100 percent repatriation of capital and profits, and 100 percent corporate or personal income tax exemptions, 100 percent import and export tax exemptions.
SAIF Zone also offers fast-issuance of licenses (within an hour), warehouses of different sizes, plots of lands, leasable furnished offices, and above all, strategic location.