Sharjah / WAM
The Sharjah Chamber of Commerce and Industry (SCCI) discussed with the Moscow Chamber of Commerce and Industry the cooperation chances for business communities in Sharjah and Moscow, and how to benefit from the strong ties between the UAE and the Russian Federation to discover rewarding opportunities in industries that characterise the economies of both sides, especially the information and communication technology and innovation sectors, in addition to promoting trade exchange between the two friendly countries.
The meeting that took place at Expo Centre Sharjah (ECS) brought together Abdallah Sultan Al-Owais, SCCI’s Chairman, and Vladimir Platonov, Chairman of the Moscow Chamber of Commerce and Industry.
Waleed Abdul-Rahman Bukhatir, SCCI’s Second Vice Chairman, Mohammed Hilal Al-Hezami, SCCI’s Member of the Board of Directors, Mohammed Ahmed Amin Al-Awadi, SCCI’s Director-General, Saif Mohammed Al-Midfa, CEO of the ECS, and Fatima Khalifa Al-Muqarrab, Director of the SCCI’s International Relations Department, were all in the meeting.
Al-Owais pointed out that Russia represents a rewarding investment option for local companies especially in the food manufacturing, energy, technology and innovation sectors, stressing that the Emirate of Sharjah has many strategic advantages for Russian companies, which plan to expand in the region’s markets, through an integrated package of attractive incentives for businessmen.
He highlighted the fact that Sharjah is an ideal environment for industrial companies in various sectors – especially the startups – as the emirate provides industrial investors with lands starting from 400 square metres to build factories that are exempted from government service taxes in the first three years. Add to all that the exclusive facilities and privileges provided by the free zones in the emirate, as well as its strategic location and position as a vital and outstanding economic hub and a key destination for business and investment regionally and globally.
Underlining the warm welcome by SCCI officials, Platonov indicated that Sharjah is a preferred destination for the Russian business community taking into account the distinctive UAE-Russia relations that are witnessing a significant growth in various domains, indicating that the Moscow Chamber has now more than 760 thousand registered member companies.
He added that beginning from 2019 the Chamber began a strategy to support foreign investors by calculating a profit tax of only 4 percent to 6 percent, noting that within three years, his Chamber was able to attract (1,150,000) investors to work in Moscow, pointing out that investments in Moscow focus on digital and technological industry, food manufacturing, artificial intelligence, cosmetics and waste recycling.
Platonov stressed that those sectors largely fall within the interests of Sharjah and the UAE in general.