Incentives are key to attracting investment, experts say

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Incentives play a key role in developing the economy and attracting local, national, and global investment, experts at the Sharjah Economic Ramadan Majlis discussed.

More than 200 senior government officials, diplomats, consuls, business owners, and investors, gathered for the event, which highlighted the legal, economic and logistical frameworks needed to encourage domestic enterprises as well as multinational corporations to either enter or expand their operations in the UAE in general and Sharjah in particular.

Organised by the Sharjah Investment and Development Authority (Shurooq), the fourth edition of the event coincided with the sweeping reforms that will allow 100 per cent foreign ownership in companies, and 10-year residence visas for certain skilled and creative professionals in a move that will reinforce the UAE's position as a top destination for international investors and global talent.

The event was attended by Mohammed Ahmed bin Abdul Aziz Al Shehhi, undersecretary for Economic Affairs at the Ministry of Economy; Abdullah bin Ahmed Al Saleh, undersecretary of the Ministry of Economy for Foreign Trade; Humaid Bin Butti, assistant undersecretary for the Corporate Sector at the Ministry of Economy; Sheikh Fahim bin Sultan Al Qasimi, chairman of the Department of Government Relations; and several other officials.

Experts noted the importance of implementing economic flexibility strategies to encourage capital for business partnerships, based on a set of laws that attract foreign investment and increase capital inflows. Favourable investment legislation for companies and the practical mechanisms and services offered by the UAE and Sharjah to facilitate growth are widely accepted as among the greatest incentives for overseas investors.

Sheikh Fahim Al Qasimi underlined the importance of the proactive economic plans and laws to the country's growth. "The drawing up of sound policies depends primarily on the ability to provide digital information to various government departments and agencies, investors and entrepreneurs. This helps to reinforce the UAE's efforts to lead economic development, continue to grow and achieve further progress."

"Getting accurate information contributes significantly to developing plans and policies and setting ambitious goals, which help to strengthen the investment climate for both domestic and international investors," he said.

Abdullah Al Saleh praised the legislative systems embraced by the UAE in order to strengthen the economic climate and ensure that the UAE will continue to be ranked at the top of global competitiveness indicators in different economic sectors. Al Saleh also commended the economic legislation and package of facilities adopted by the emirate of Sharjah to cement its economic position.