SHARJAH, (Pakistan Point News - 21st Oct, 2018) The Sharjah FDI Office, known as Invest in Sharjah, has inked a Memorandum of Understanding, MoU, with the Italian Trade Commission, ITC, to expand bilateral investment prospects between Sharjah and Italy.
The MoU was signed during Invest in Sharjah's participation at the Sixth UAE-Italy Joint Economic Committee meetings, which was attended by Sultan Al Mansouri, Minister of Economy; Luigi Di Maio, Italian Minister of Economic Development; and Marwan bin Jassim Al Sarkal, executive chairman of the Sharjah Investment and Development Authority, Shurooq, along with representatives from both parties.
Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, and Stefano Nigro, Director of the Foreign Investment Department at the ITC, signed the MoU.
The new agreement will boost investment in Sharjah, as the partnership will enable the growth of several Italian registered businesses in the emirate, estimated to be 260 in 2018, to-date.
Invest in Sharjah and ITC will lead bilateral developments between Sharjah and Italy across numerous sectors, including mergers, acquisitions and alliances, brown and green field construction projects, bilateral real-estate investments, as well as venture capital and startups.
Commenting on the agreement, Al Musharrkh said, "We are returning to Italy for the second time, following our remarkable visit to the great city of Padua last April. The new MoU with ITC will not only boost foreign direct investment markets for both parties, but will expand on new business opportunities and prospects that offer investment options for Italian investors in Sharjah. We share a long and strong relationship with ITC, especially while servicing Italian investors in Sharjah, and the new MoU will surely expand on this business venture."
"We will also use this opportunity to upsell our streamlined services among Italian investors and government entities in Sharjah, which is dedicated to working efficiently and effectively to service investors all over the world," he added.
Stefano Nigro noted, "Our new MoU with Invest in Sharjah, which builds on an everlasting bond we have with them, and with the Emirate of Sharjah, will ultimately support our aim to boost Italy’s current non-oil trade exchange with the UAE, which is valued at more than US$8.2 billion. The flexibility and diversification in Sharjah’s economy, especially across numerous sectors, such as technology, construction, logistics, environment and trade, paved the way for building confidence among Italian investors about a profitable opportunity through strategic partnerships and mergers, acquisitions and alliances."
