Sharjah’s economy is healthy and safe and does not entirely depend on one particular sector, with no industry representing more than 20 per cent of GDP, a top official at Shurooq said on Tuesday on the last day of the World Forum for FDI held in Sharjah.
“The emirate equally supports a culture of entrepreneurship and innovation, housing almost 45,000 small- and medium-sized enterprises focused mainly on manufacturing, real estate, and business services,” Shaikha Bodour Bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), said in a statement.
She was speaking at the concluding day of the 12th edition of the World Forum for FDI held in Sharjah.
Sharjah’s educational institutions ensure a “continuous supply of fresh talent” armed with the latest knowledge in engineering, science and technology and other skills that support economic growth, she said.
Shaikha Bodour said FDIs face challenges and obstacles in many parts of the world but present unprecedented opportunities for economic development, prosperity and cross-cultural understanding and respect.
“Lack of understanding of a given market is not the only challenge that affects the flow of FDIs. Regulatory environment, the quality of education, trade barriers, security and stability, infrastructure, qualified talent, and research and development are other factors that also influence decisions of trade and foreign investment,” she added.
Meanwhile, Lord Mandelson, president of international Policy Network, an international policy think tank, expressed willingness to take part in negotiations in the long stagnating EU-GCC Free Trade Agreement.
“I do to deny the difficulties on the EU side but I am ashamed to say that after well over of a decade of negotiations, it is on ice. These agreements are hard to conclude but are an important test to whether an economy wishes to withstand pressures and offer new ideas or prefers to be closed.
“I am willing in my lifetime to take a role in completing the trade agreement. The single GCC currency can be implemented, provided the GCC countries unify their policies like the EU did,” he said.
In the UAE, he said that airline passenger and freight traffic is considered a strong investment and the centre of gravity of airlines is shifting from the West to the East.
