Sharjah Chamber of Commerce and Industry set to activate comprehensive MoU signed with Izmir Chamber of Commerce

The agreement includes articles on improving and optimizing bilateral relations between the emirate of Sharjah and Turkey, with emphasis on business, trade, economic, and organizational collaboration.

The MoU was signed on August 21, 2008, during SCCI's visit to Turkey in time for the 77th Izmir International Fair.

It specifically contains agreements on business information exchange, mutual assistance of special organizational events, assistance in the facilitation of business ventures, and arbitration of disputes.

The Memorandum also covers the general strengthening of bilateral ties between the two Chambers and continuous dialogues on the elimination of obstacles to the free flow of trade between the territories of both parties.

"The Izmir Chamber and Turkey in general are committed to strengthening our partnership with SCCI and the emirate of Sharjah. While a strong bond already exists between our organizations and the areas we represent, this Memorandum sets the specific parameters for us to achieve our mutual goals. This is an important agreement in our shared quest for sustained development and progress,"

said Adnan Yildirim, Secretary General, Izmir Chamber of Commerce.

The UAE and Turkey currently enjoy solid commercial and economic ties; trade volume between the two countries for 2008 is in fact expected to surpass the $3.7 bn posted in 2007.

The UAE has invested around $1.5 bn in Turkey for the past two years and is particularly eyeing the country's energy, finance and health care sectors.

Turkey, on the other hand, has around 27 trade agencies and 244 trade marks established in the UAE and is planning to invest $40 bn in the UAE within the next five years.

"As the MoU states, this agreement affirms our productive relations with the Izmir Chamber and Turkey and formalizes our collaboration on closer trade and industrial relations between our organizations and our countries. This forms part of SCCI initiatives to expand the scope and depth of its regional and international relations to further enhance local and national economic development. We want to promote Sharjah as a vital agent for growth in the UAE and the wider Gulf region," concluded Hussein Al Mahmoudi, Director General, SCCI.

Prior to SCCI's Turkish tour, the Chamber had visited prominent European governments and institutions such as the World Trade Organization to broaden Sharjah's commercial and economic ventures.

SCCI is planning more similar initiatives in line with its role as Sharjah's primary organizer of economic activities and programs.