Sharjah Chamber inks MoU with its counterpart in Zanzibar to enhance mutual investment

The MoU aims to enhance mutual cooperation and encourage the commercial ties between the business communities of both countries

Sharjah Chamber inks MoU with its counterpart in Zanzibar to enhance mutual investment

Sharjah: The Sharjah Chamber of Commerce & Industry (SCCI) signed a memorandum of understanding (MoU) with its counterpart in Zanzibar. The MoU aims to enhance mutual cooperation and encourage the commercial ties between the business communities of both countries.

The agreement was virtually signed by His Excellency Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce & Industry, and Ali Suliman, Chairman of Zanzibar National Chamber of Commerce, Industry & Agriculture (ZNCCIA), in the presence of His Excellency Mohammad Ahmed Amin Al-Awadi, SCCI Director-General, and Fatima Al Mokarrab, Director of the SCCI International Relations Department.

The MoU is expected to strengthen trade exchange and economic cooperation between the sides by expanding the scope of investment relations, exchanging commercial delegations, and strengthen bilateral relations in the field of exports.

The agreement also provided for the coordination to establish and expand a commercial network that facilitates the circulation of business opportunities available between members of the two chambers, the promotion of investment opportunities in the two countries, the commitment to exchanging information and data to facilitate commercial contracts and foster joint ventures, and the cooperation in organizing and participating in trade shows, exhibitions, conferences, and economic activities held in the two countries.

Welcoming the signing of the MoU, Al Owais pointed to the long-standing relations between the UAE and African countries in all economic fields and Sharjah’s quest to reinforce those relations, as part of its prominent position in the international economic arena, as well as being a gateway to the African countries in the region.

He added: “The African markets are among the best emerging markets for Emirati products, thanks to the population density of these countries and the need of these markets for high-quality products at competitive prices. The Sharjah Chamber, from this perspective, is keen to keep in touch with the African countries through dispatching annual trade missions to identify the growth opportunities available to the Chamber’s members.”

“In addition to introducing investors, businessmen, and local companies to the investment opportunities available in the African markets, the agreement will help provide support for investors and private sector in Zanzibar to boost their investments in Sharjah and to make the most of its economic qualities which made the emirate an attractive destination for investors from around the world,” Al Owais concluded.

For his part, the Chairman of Zanzibar National Chamber of Commerce, Industry & Agriculture, Ali Suliman, said he is pleased with the signing of the agreement, lauding the deeply rooted relationship between his country and the UAE at all levels. He affirmed Zanzibar Chamber’s keenness to enhance cooperation with the Emirate of Sharjah in commercial, economic, and tourist fields, adding that the MoU forms a significant step forward toward strengthening the relations between business communities of both sides, establishing strategic partnerships, and increasing mutual investments to serve the interests of both parties and help them make use of the great potential the two countries enjoy.

Mohammad Ahmed Amin Al-Awadi underscored Sharjah Chamber’s eagerness to provide all the support and facilities to strengthen relations with Zanzibar National Chamber of Commerce, adding that the agreement aims primarily to introduce the local private sector to investment opportunities available in Zanzibar, provide support and assistance to Tanzanian businessmen who are willing to establish investment projects in Sharjah, and provide training to the employees of Zanzibar Chamber through a program to be agreed upon later according to the MoU inked between both sides.

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