The forum in session
German companies eye expanding business in Sharjah
SHARJAH, March 29, 2022
A number of German firms have expressed their desire to expand investments in Sharjah to take advantage of the supportive environment, sophisticated infrastructure and strategic location.
At a forum organised by the Sharjah Chamber of Commerce and Industry (SCCI), Dr Peter Ramsauer, President of German-Arab Chamber of Industry and Commerce (GACIC), stressed the significance of Sharjah as an investment destination for German enterprises, citing the emirate's excellent business environment.
Abdullah Sultan Al Owais, Chairman of the SCCI, said: “Exceptional economic relations between Germany and UAE resulted in over 8.8 billion euros ($9.79 billion) of trade exchange in 2020.”
“There are more than 1,000 German companies operating in the UAE across various sectors, with a total investment of about 6.7 billion euros.”
GCC export destination
He further added that this has made GCC countries the seventh-largest export destination for German industry outside Europe.
According to the SCCI Chairman, these figures provide a solid foundation for strengthening bilateral trade relations between the business communities of both countries and opening new channels of communication, which will aid in the development of mutual trade movement.
He highlighted the importance of intensifying efforts to improve bilateral relations for future growth and prosperity, which would aid in the exploration of investment opportunities in various sectors, serve the business community's interests, and support the private sector's aspirations at the trade and investment levels.
Pitching for more investments
The SCCI called on German businessmen and investors to explore investment opportunities with the emirate’s business community in order to access new avenues of partnership and develop economic and trade relations between Sharjah and the European nation.
Al Owais emphasised the strength of the UAE-Germany relations, especially considering the outstanding results of the two countries' comprehensive strategic partnership since 2004.
Ramsauer lauded the SCCI's efforts in organising the forum and the facilities it provides to German businessmen and their companies operating in the emirate. He invited Emirati investors to visit his country and learn about the most vital investment opportunities in various sectors.
Saif Zone advantages
Shabib Ibrahim Khatib, Sales Executive, Saif Zone, gave a presentation on the advantages provided by the Saif Zone to investors. This included 100% foreign ownership of businesses, 100% repatriation of capital and profits, 100% corporate or personal income tax exemptions and 100% import and export tax exemptions.
In addition to state-of-the-art warehouses and offices at competitive prices, Saif Zone provides equipment, workers and shipping services 24/7, making it the perfect destination for investment in the Middle East.-- TradeArabia News Service
