The Sharjah Chamber of Commerce and Industry (SCCI) has discussed the cooperation chances for business communities with the Moscow Chamber of Commerce and Industry.
They also discussed how to benefit from the strong ties between the UAE and the Russian Federation to discover rewarding opportunities in industries that characterize the economies of both Sharjah and Moscow.
The meeting that took place at Expo Centre Sharjah (ECS) brought together Mr. Abdallah Sultan Al-Owais, SCCI’s Chairman, and Mr. Vladimir Platonov, Chairman of the Moscow Chamber of Commerce and Industry.
Furthermore, both sides explored different ways to promote trade exchange between the two friendly countries.
“Russia represents a rewarding investment option for local companies, especially in the food manufacturing, energy, technology, and innovation sectors, stressing that the Emirate of Sharjah has many strategic advantages for Russian companies, which plan to expand in the region’s markets, through an integrated package of attractive incentives for businessmen. Sharjah is an ideal environment for industrial companies in various sectors, especially the startups, as the emirate provides industrial investors with lands starting from 400 square meters to build factories that are exempted from government service taxes in the first three years. Add to all that the exclusive facilities and privileges provided by the free zones in the emirate, as well as its strategic location and position as a vital and outstanding economic hub and a key destination for business and investment regionally and globally.”
Underlining the warm welcome by SCCI officials, Mr. Platonov indicated that Sharjah is a preferred destination for the Russian business community taking into account the distinctive UAE-Russia relations that are witnessing significant growth in various domains, indicating that the Moscow Chamber has now more than 760 thousand registered member companies.
Mr. Platonov added that “beginning from 2019 the Chamber began a strategy to support foreign investors by calculating a profit tax of only 4 percent to 6 percent. Within three years, Moscow Chamber was able to attract one million and 150 thousand investors to work in Moscow.”
The Chairman of the Moscow Chamber further pointed out that investments in Moscow focus on the digital and technological industry, food manufacturing, artificial intelligence, cosmetics, and waste recycling.