Sharjah delegation in Erbil to expand economic ties
- Iraq: Thursday, October 18 - 2012 at 15:24
- PRESS RELEASE
Aiming to expand economic ties with the booming capital of Iraqi Kurdistan, a high-level Sharjah delegation, which is accompanied by top executives of several local establishments, is on a visit to Erbil.
Sharjah has a pavilion — 'Made in Sharjah' — at the eighth edition of Erbil International Fair, which is hosting 850 exhibitors from 22 countries showcasing products and services covering sectors such as engineering, electronics, construction, energy and education, among others.
The Sharjah delegation includes Mr Ahmed Mohammed Al Midfa, Chairman, the Sharjah Commerce and Industry; Mr. Hussain Al Mahmoudi, Director General - SCCI; Mr Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah; and representatives of over 30 local companies.
"The Iraqi Kurdistan's capital is undergoing unprecedented expansion... its per-capita income is much higher than the rest of the country... it is one of the best FDI destinations in the Middle East... Kurdistan registered phenomenal growth last year when the rest of the world was dealing with another global slowdown. We have strong economic links with the region... we are looking at further strengthening our ties and playing a significant role in the future growth of the region," said Mr Saif Mohammed Al Midfa.
Kurdistan registered 8% growth last year, driven by the exploitation of its gas and oil reserves estimated at 45 billion barrels. The current gross domestic product per capita of the region is estimated at $4,500, which compares with nearly $3,600 in Iraq as a whole.
"Erbil International Fair is the largest fair in Iraq and offers us a dedicated platform to meet government officials and the business community to present each other's industrial growth and explore potential opportunities. Through the 'Made in Sharjah' pavilion we are also highlighting the cost-effective business climate in Sharjah, where investment costs are considerably lesser than many other industrial hubs in the region, and can boast of tens of industrial areas which account for a big chunk of all goods produced in the region," added Mr. Saif Mohammed Al Midfa.
Kurdistan has one of the most business-friendly investment laws in the Middle East, including 100 per cent ownership. The whole region is experiencing a consumer and construction boom, with roads, bridges, shopping malls, hotels and amusement parks springing up everywhere.
"We are also promoting the trade shows organized and hosted by Expo Centre Sharjah to visitors to the 'Made in Sharjah' pavilion. Being established trade shows in their respective sectors, our shows will offer Kurdish businesses and government bodies a great opportunity to source all their requirements that are generated by a booming economy. At the same time participating in the trade shows organized in the region will open up investment, joint venture and dealership opportunities for business from Sharjah and the UAE," he added.
Expo Centre Sharjah hosts some of the premier trade and consumer events in the regional exhibition calendar. They cover most of the industrial sectors and consumer segments in the region and are known for their reputation and popularity in bringing together leading manufacturers and dealers from across the world.
The shows are widely participated and attended by businesses and trade visitors from across the region owing to the cost-effective platform offered by Expo Centre Sharjah, the guidance and support of the Sharjah Chamber of Commerce and Industry and their comprehensive nature, apart from geographical proximity, logistical advantages and a friendly business climate.
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