Shurooq outlines Sharjah's investment attractions in Turkey and highlights benefits from investment for both countries

Al Sarkal was speaking during a meeting with Turkish investment agencies and businessmen as part of Shurooq's participation in the 1st Gulf-Turkish Business Forum, which was held under the patronage of Turkish Prime Minister Recep Tayyip Erdogan at Four Seasons Hotel in Istanbul from 5-8 February. Ahmed Obaid Al Qaseer, Shurooq Chief Operations Officer, was also present at the meeting.

Addressing the meeting, Al Sarkal called for further cooperation between both sides by making most of the current available investment opportunities, forming economic partnerships in the field of industrial, commercial, technological, scientific and tourism in the hope of seeing trade increase from $5bn in 2011 to $10bn in 2015.

"There are more than 15 agreements and memorandums of understanding between the UAE and Turkey, such as double taxation avoidance, investment protection and stimulation agreements," said Al Sarkal, who also referred to the historical ties and common culture between both countries which all contribute positively to boost economic relations between them.

He continued, "Turkey is a distinguished model of development which has financial and professional potential that qualifies it to strongly compete in Emirati markets as well as other markets in the world."

He added that Turkey enjoys good infrastructure, expertise and manpower which has led it to become the 16th largest economy in the world, therefore we are keen to bolster bilateral relations and defeat all obstacles that may face us to achieve further economic and investment cooperation.

Shurooq's participation in the 1st Gulf-Turkish Business Forum comes in line with its strategy to promote the Emirate of Sharjah as a leading regional investment and tourism destination. Al Sarkal added that the Authority uses such opportunities to promote tourism in the Emirate which ranks high in the UAE's.

He spoke about the huge potentials in the UAE and Sharjah, as well as about investment opportunities available in the Emirate and facilities provided by Sharjah Government for foreign companies that seek to invest in the country due to the UAE's leading position as one of the region's and the world's most important financial and economic hubs.

Al Sarkal highlighted the authority's strategy which is based on developing the Emirate's investment climate, supporting investors and providing them with the all the possible facilities.

He also highlighted many factors that make Sharjah a stable investment environment that can compete on a global level. He pointed out the country's geographic location, the infrastructure and facilities provided to investors, tax policies and skilled trained labour amongst others.

During the meeting, Ahmed Al Qaseer gave a detailed presentation on the Emirate's most important investment sectors and the possible mechanism of cooperation between Turkish investor and the Authority, as well as in-depth studies presented by Shurooq to investors who are interested in investing.

He also pointed out the facilities provided by the Authority to investors in collaboration with all government bodies and departments in Sharjah.

"Shurooq currently embarked on preparing integrated studies in order to come up with accurate assessment of each sector and defining investment opportunities across the Emirate so as to provide potential investors with the required consultations, accurate investment assessments and economic feasibility studies," he said.

Al Qaseer also highlighted the Emirate's attractions, its economic investment opportunities and tourism, as well as its sophisticated infrastructure and advanced telecom networks which allow easy access to local and international markets.

He stressed that Sharjah is a safe haven for investors due to its geographic location as a central link between Asia and Africa and a multi-national business community, and other privileges, among others

Figures show that Turkish investments reached about $6bn, most of which are concentrated in the construction and building sector, while UAE investments in Turkey amounted to $5bn invested by 50 UAE companies. Trade between the UAE and Turkey reached $5bn in 2011 and is forecast to ramp up to $10bn by 2015.

Turkey participates annually in 120 exhibitions in the UAE which is home to around 9,000 Turkish citizens who live and work in the country's building, tourism and transport sectors.

Shurooq was established in 2010 with the aim of achieving social, cultural, environmental and economic development on the basis of Sharjah's distinct Arab and Islamic identity, so as to encourage investment by adopting the best international standards in providing quality services that help attract investors from the region and the world. The Authority's main mission is to provide the required facilities and incentives, to overcome obstacles facing investment activities in the Emirate, to evaluate tourism-related infrastructure projects, and to lay down the necessary plans to complete such projects.