US Congress eyes investment, business opportunities in Sharjah

GMT 22:27 2014 Sunday ,31 August

Arab Today, arab today US Congress eyes investment, business opportunities in Sharjah

US Congress delegation recently
Dubai - WAM

A US Congress delegation recently attended a roundtable event at the Sharjah Chamber of Commerce and Industry, the Sharjah Investment and Development Authority (Shurooq), said in a statement on Friday.
The roundtable's aim was to familiarise the US delegation with the range of investment and business opportunities in Sharjah. The delegation was in the U.A.E. to participate in an educational and cultural exchange, Shurooq stated.
The delegation was led by US congresswoman and chairman of the congressional Black Caucus, Representative Marcia L. Fudge, and was met by Robert Waller, US consul general to Dubai, Abdullah Sultan Al Owais, chairman of the Sharjah Chamber of Commerce and Industry and Marwan Bin Jasem Al Sarkal, chief executive of Shurooq.
According to the statement, which quoted figures from the US government, total bilateral trade between the US and the U.A.E. has grown from about US$4.5 billion (Dh16.5 billion) in 2002 to US$24.8 billion in 2012. In the first nine months of last year, trade between the U.A.E. and US rose 12.5 per cent to US$20,56 billion (Dh75.46 billion), compared with US$18.27 billion (Dh67.05 billion) in the same period a year earlier.
Infrastructure development
"The US and the U.A.E. have enjoyed longstanding partnerships and cooperation in the areas of energy and infrastructure development, green build aerospace, defence security, media, tourism and culture, and, the two most burgeoning sectors within the region, medicine and education,” Al Sarkal said in a statement.
A Memorandum of Understanding (MoU) between Shurooq and the US Chamber of Commerce was recently signed, Shurooq stated. The agreement aimed to promote investment, trade, technical and economic cooperation, enhancing export sanctions, and the exchange of visits made by trade delegations between the US and Sharjah.
Also, in October last year, the Sharjah USA Roadshow saw the largest delegation of Sharjah-based corporations, entities, organisations, and government departments in the US, representing more than 20 separate entities, as per the investment authority's statement.


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