Sharjah Chamber invites German businesses to increase their stake in region’s markets

SHARJAH, The Sharjah Chamber of Commerce and Industry (SCCI) organised the Sharjah-German Business Forum today to explore avenues of boosting commercial cooperation and new areas of investment.

The forum was held on the sidelines of a visit by a high-level business delegation from Germany to the chamber. The delegation comprised a large number of businessmen and representatives of major companies specialised in renewable energy, electricity, banking, healthcare, and information technology.

The chamber invited German industrial and commercial businesses to invest in Sharjah and leverage the emirate’s numerous advantages and promising investment opportunities offered to foreign businesses. It also urged German investors to increase their stake in the region’s market by setting up their businesses in Sharjah or engaging in projects with local businessmen, particularly in the UAE’s largest industrial cities and free zones, which offer facilities and competitive guarantees.

Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), and Johann Erich Wilms, Chairman of the German Near and Middle East Association, head of the German delegation, took part in the forum.

Speaking during the business meeting, Al Owais said that the volume of non-oil trade exchange between the UAE and Germany exceeded AED478 billion in the period from 2012 to 2021, with 89.5 percent of the total trade exchange made up of imports, while exports accounted for 3.5 percent of the total trade exchange, and re-exports made up the remaining 7 percent.

The data also showed that the trade exchange between the two countries was made up of imports worth AED427.4 billion, while exports and re-exports contributed AED17.1 billion and AED33.4 billion, respectively. When compared to the end of 2020, the UAE-Germany trade exchange increased by 12 percent, from AED31.5 billion to AED35.3 billion.

“These statistics show that our economic relations are closely intertwined and growing steadily, and this will only motivate us to further our economic cooperation and drive it toward broader horizons of growth and excellence,” Al Owais added.

For his part, Johann Erich Wilms stressed that Sharjah has become an important destination for the German private sector, thanks to the diversity of investment opportunities available in the emirate.

He noted that the forum will not only push the economic relations between the two sides to broader horizons but will also serve the business community and support the aspirations of the private sector on every side, especially in the industrial, commercial, and investment fields.

The forum concluded with bilateral business talks between businesspeople from both sides, where they outlined the advantages their businesses offer.

During the meeting, German companies also expressed their interest to expand their investments in the Emirate of Sharjah and take advantage of the supportive environment, distinguished infrastructure and strategic location to launch into the Arabian Gulf markets.

Source: Emirates News Agency