Media ININ Economy We Trust
Media IN Sharjah, 13th May, 2019
A group of Panelists at the fifth Sharjah Economic Ramadan ”Majlis” held today Sunday, 12th May, 2019 said that UAE’s advanced legislative system has contributed to the country’s competitiveness in attracting investments and talent.
At the event organised by the Sharjah Investment and Development Authority (Shurooq), Sharjah Chamber of Commerce and Industry (SCCI) and the Sharjah FDI Office (Invest in Sharjah), and held under the theme, “The Contributions of Government Legislations to Attract FDI”,
The Majlis, held at the Al Jawaher Reception and Convention Centre, kicked off with a report highlighting the UAE’s accomplishments at the local, regional and international levels. According to the report, the UAE attracted more than US$10 billion in FDI last year, with a target to reach $20 billion in the next few years.
The panelists agreed that the legislations were a manifestation of the wise leadership’s vision of the development of economic, investment strategies and policies to ensure the sustainability of the development process.
The Executive Chairman of the Department of Government Relations, said,
“The UAE is constantly looking to secure the future of various sectors that have placed the country on the global landscape as a destination for FDI. Those who keep tabs on the legislations and regulations in the UAE and Sharjah specifically would have noticed the influx of FDI into the country after President His Highness Sheikh Khalifa bin Zayed Al Nahyan had issued a Decree on FDI, which aims to promote and develop the country’s investment environment.”
The Under-Secretary of the Ministry of Economy for Foreign Trade, said,
“A proper legislation is one of the most important aspects to attract FDI, as it guarantees investor and consumer rights. Additionally, strong infrastructure provides a host of advanced services, especially free zones that offer diverse and advanced services for investors in a lot of sectors.”
The CEO of the Securities and Commodities Authority also noted that the authority has also developed investor protection and a corporate governance system which will be launched next month and have a direct impact on increasing FDI flow to the country.
The Executive Chairman of Shurooq noted that the geographic location of the country encouraged international companies to set up their regional headquarters in the region. He added that the country has become a nurturing environment for a majority of sectors, providing added value for FDI through its advanced and updated legislation, infrastructure and smart services, amongst others, that gives investors peace of mind and boosts performance.
