Home Business SCCI, German-Arab Chamber to boost economic relations

SCCI, German-Arab Chamber to boost economic relations

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SHARJAH, 29th March, 2022 (WAM) — During a forum organised by the Sharjah Chamber of Commerce and Industry (SCCI), the chamber called on German businessmen and investors to explore investment opportunities within the emirate’s business community, in order to access new avenues of partnership and develop economic and trade relations between Sharjah and the European nation.

The forum was organised in collaboration with the German-Arab Chamber of Industry and Commerce (GACIC), for a delegation of businessmen and investors in several vital sectors from Germany, and attended by Abdullah Sultan Al Owais, Chairman of the SCCI, and Dr. Peter Ramsauer, President of GACIC, along with representatives from the local private sector and the Sharjah International Airport Free Zone (SAIF Zone).

Speaking on the occasion, Abdullah Sultan Al Owais said that the forum is a significant step towards enhancing economic cooperation and developing relations between the business communities at various levels. He also highlighted the strength of UAE-Germany relations, especially considering the outstanding results of the two countries’ comprehensive strategic partnership since 2004.

He further added that this has made Gulf Cooperation Council (GCC) countries the seventh-largest export destination for German industry outside Europe. According to the SCCI Chairman, these figures provide a solid foundation for strengthening bilateral trade relations between the business communities of both countries and opening new communication channels.

Dr. Ramsauer, President of GACIC, underscored the significance of Sharjah as an investment destination for German enterprises, citing the emirate’s excellent business environment. He also noted the importance of intensifying efforts to improve bilateral relations for future growth and prosperity, which would aid in exploring investment opportunities in various sectors, serve the business community’s interests, and support the private sector’s aspirations at the trade and investment levels.

Shabib Ibrahim Khatib, Sales Executive, SAIF Zone, presented the advantages provided by the SAIF Zone to investors. This included 100 percent foreign ownership of businesses, 100 percent repatriation of capital and profits, 100 percent corporate or personal income tax exemptions and 100 percent import and export tax exemptions.

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