Sharjah takes investment proposition to Toronto Global Forum

Investors in Canada will be receiving an in-depth analysis of Sharjah’s premium business environment and its array of economic opportunities with the participation of a high-level delegation from the emirate comprising of Sharjah Investment and Development Authority (Shurooq), Sharjah Investment Office ‘Invest in Sharjah’and Sharjah Media City (Shams) at the Toronto Global Forum.

Titled ‘Redefining Globalisation,’ the 11^th edition of the forum takes place October 30 – November 1 in Canada’s most populous city, with the annual event one of North America’s largest economic conferences and a key platform for examining trends in the global economy.

As Silver Sponsor of this year’s forum, Invest in Sharjah – the Sharjah government’s investment arm – is hosting an elite business breakfast, which will see them take part in business one-on-ones with senior officials from the Canadian government sector. Representatives from the Shurooq and Invest in Sharjah delegation will also be attending the forum’s programme of plenary sessions, roundtables and presentations, which include topics with the titles: ‘Exploring the New Space Economy,’ ‘Shaping a Sustainable Energy Future’ and ‘Building Business for Long-Term Growth.’

A key activity during the three-day forum will be a speech delivered by His Excellency Marwan bin Jassim Al Sarkal, CEO of Shurooq, outlining the advantages of Sharjah’s investment market and building on the historic bilateral relationships between Canada and Sharjah and the UAE.

“The Toronto Global Forum is a major international investment platform that examines important developments, challenges and opportunities in the global market. As such, it is a not-to-be-missed event for Shurooq to participate in, in view of its avowed mission to maximise bi-lateral trade between Sharjah and the UAE and major global economies,” said Al Sarkal.

“At present there are around $18 billion worth of UAE investments in Canada, with Sharjah and the UAE seeking to both increase this as well as to add to North American investments in their respective economies, especially in the post-oil phase. The growth of non-oil trade between the UAE and Canada was about 2.1 billion dollars in 2015, including trade in the free zones. There are currently around 46 Canadian companies in the UAE’s market, about 86 commercial agencies and 1,490 Canadian brands registered with the Ministry of Economy,” he added.

Al Sarkal highlighted that Canadian products and goods reach about 1.1 billion consumers, pointing out that the UAE is a key gateway to Canada’s trade with the region. He also drew attention to the fact that there are about 40,000 Canadians living and working in the UAE and that Canadian companies are contributing to the promotion of development programmes in the country.

His Excellency Dr Khalid Al Midfa, Chairman of Shams, said: “Our participation in one of the most economic forums in the world reflects our dedication to promote Canadian and North American investors in the fields of media and communication, on Shams’s unique and advanced infrastructure which caters to a diverse host of investment opportunities.”

He added: “Shams will be a beacon for modern technological and media companies, and during our visit to Canada, we look forward to forging many strategic partnerships from the country’s public and private sector.”

Mohammad Juma Al Musharrkh, Director of Invest in Sharjah, will be using the event to highlight the importance of North America, Sharjah and the UAE establishing stronger bi-lateral relations in sectors that include life sciences, information technology, telecommunications, financial sciences, food and agriculture and infrastructure. He said that the meetings that Invest in Sharjah hold at the forum will build on the roundtable event that it hosted in the emirate with a Canadian business delegation in February this year.

“Sharjah and Canada already have a strong business relationship and Invest in Sharjah – along with Shurooq – will be using the Toronto Global Forum to highlight how the economic climate in Sharjah is becoming more digitally integrated and how investment in Sharjah is strongly supported by the government. It will show how the office works closely with multiple government entities to streamline service to investors across sectors, with a specific focus on the four key areas of healthcare, logistics, the environment and tourism,” he said.

Al Musharrkh concluded by reiterating that the forum would be the perfect opportunity to further the existing strong relations that Sharjah and Canada enjoy, highlighting the Memorandum of Understanding signed in September this year between the two entities to strengthen cooperation and advance the emirate’s medical services. The five-year renewable agreement comes as part of joint efforts by Sharjah and Canada to open up channels of investment in medical projects, exchange expertise and further advance the quality of healthcare in compliance with international standards.