The UAE Ministry of Industry and Advanced Technology and the Sharjah Foreign Direct Investment Office (Invest in Sharjah) signed a memorandum of understanding (MoU) at the 6th Sharjah Investment Forum to promote investment opportunities.
The forum aims to support sustainable economic growth within a supportive economic environment that provides enablers, incentives, and financial solutions to investors.
The MoU was signed by Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at the Ministry of Industry and Advanced Technology, and Mohammed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah), in the presence of Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology and Ahmed Obaid Yousef Al Qaseer, Executive Director of the Sharjah Investment and Development Authority (Shurooq).
Read more: Sharjah FDI: A healthy business environment designed for robust ROI
The agreement enhances cooperation between MoIAT and the Sharjah Foreign Direct Investment Office (Invest in Sharjah), through work and partnerships to promote the Make it in the Emirates initiative. The MoU will promote investment opportunities and provide incentives and enablers to enhance the investment environment in Sharjah’s industrial and advanced technology sector.
Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, said: “MoIAT issued 263 industrial production licenses in 2022, 20% more than the previous year. We also reduced fees for 14 of the ministry’s services to help boost the ease of doing business and stimulate the growth of small and medium companies.
Al Suwaidi referred to the success of the National In-Country Value Program, which was launched as part of the Projects of the 50. The program redirected more than 53 billion dirhams into the economy in 2022, an increase of 25% compared to 2021. It also led to the employment of 1,987 Emiratis in the private sector. The program supports the growth of large, small, and medium industrial companies and entrepreneurs.
He added: “In 2022, the UAE recorded an increase in industrial exports amounting to about 174 billion dirhams. These results represent a strong opportunity for industrial companies keen to leverage the UAE’s unique value proposition to achieve growth and expansion.”
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