• Mohamed Al Janahi: The forum outlines investment opportunities and increasing the volume of inter-trade

The Ajman Chamber of Commerce and Industry (ACCI) organized the "Ajman-Russia Business Forum", with the aim of strengthening economic cooperation, reviewing investment opportunities available to both parties, and opening horizons of partnership between business owners in the fields of industry, education, health, and information technology, with the participation of the Tourism Development Department in Ajman and the Ajman Free Zone.

The forum was attended by Mohamed Ali Al Janahi, Acting Director-General of the ACCI, and Nikolai Verkhovsky, Academic Director at Skolkovo University - Head of the Russian delegation. A group of officials and business owners from both Ajman and the Russian Federation attended the meeting at the Fairmont Hotel Ajman.

The forum began with a speech by Al-Janahi, during which he welcomed the attendees and emphasized the importance of the forum and its role in reviewing the investment opportunities available in the two countries and increasing the volume of inter-trade. He stressed the importance of the participation of business owners and investors in the forum's activities with the aim of strengthening partnerships, exchanging experiences and learning about best practices and pioneering and innovative projects, praising the bilateral relations between Ajman and Russia during 2022, which is witnessing many successive developments.

He said, "Under the directives of H.H. Sheikh Humaid bin Rashid Al Nuaimi, the Ruler of the Emirate of Ajman and a member of the UAE Supreme Council, "may Allah protect him", the ACCI seeks to diversify its portfolio of foreign partnerships with all countries to open new markets and promote investment opportunities in Ajman and increase in the volume of inter-trade."

Al Janahi affirmed that the Ajman's economy is characterized by exceptional components and advantages, including "the emirate’s middle strategic location among the UAE emirates, the availability of free zones that provide service packages at the highest level, a seaport, a network of roads and transportation means, energy networks, and other components.". He pointed out that the diversity of the main sectors such as industry, trade, real estate, construction and building, tourism, health, education and others, provides bundles of exceptional investment opportunities, in addition to the availability of a service environment at the highest level provided by government entities concerned with economic affairs in Ajman to ensure the growth and sustainability of business.

He explained that the statistics on the volume of trade between the UAE and Russia on the one hand, and between Ajman and Russia on the other hand, indicate that there are great opportunities for developing and increasing the volume of joint cooperation. According to the statistics on the volume of UAE-Russia trade, the total trade between the two countries amounted to AED 5.32 billion during 2021.

The current year witnessed an increase of attracting Russian investors and businesspersons in Ajman by a growth rate of 70% compared to 2021, so that the sectors of “manufacturing industries, information and communications, as well as activities of human health and social work, professional, scientific and technical activities, and arts, entertainment and entertainment sector” lead as the most important  investment sectors in Ajman by Russian businesspersons and investors, which heralds an increase in existing and future cooperation and encourages everyone to intensify joint meetings and take advantage of the opportunities available in the two countries.

For his part, Nikolai Verkhovsky stressed the interest of Russian business owners and investors in developing their business with their counterparts in Ajman and identifying the most prominent investment opportunities available in Ajman. He also emphasized the importance of exchanging visits and organizing bilateral forums to discuss opportunities for cooperation and partnership between the two sides.

The meeting also included a presentation on the most important main sectors of the Ajman's economy, especially the sectors of industry, trade, tourism, real estate, construction and building, and the extent of the Ajman's interest in developing the health and education sectors. An overview was also presented about the efforts of government entities concerned with economic affairs to provide a flexible and fast competitive investment environment. The Tourism Development Department in Ajman also presented an overview of the tourism advantages of Ajman, including distinguished tourist facilities and areas. The presentation also showed an overview of the rich culture that Ajman possesses. The attendees were also briefed on a presentation by the Ajman Free Zone, on the ease of doing business and the various services provided to current business owners and potential investors.

The meeting also included a number of bilateral meetings between officials, businesspersons and investors from the two countries, to discuss partnership, cooperation and exchange of experiences. The attendees also recommended the necessity of intensifying the forms and opening sustainable channels between the private sector establishments of the two countries. At the end of the Forum, the Russian economic delegation conducted a field visit to many leading factories and companies in Ajman.

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