Business & Money | Wednesday 28 September, 2016 3:40 pm |

‘Foreign direct investment leads not only to wealth in economic terms, but also builds a nation’s culture, art and literature.’ That was the message given by His Highness Sheikh Dr. Sultan bin Muhammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, yesterday (Wednesday) during his opening address at the second edition of the Sharjah Foreign Direct Investment Forum (Sharjah FDI Forum 2016).

Organised by Sharjah Investment and Development Authority (Shurooq) in collaboration with the UK’s Financial Times and the fDi Magazine, the two day Sharjah FDI Forum 2016 has been established to offer an inclusive economic outlook for the future of investment in Sharjah, with a focus on Foreign Direct Investment (FDI). 

Among those listening to His Highness’s opening speech at the forum, which is taking place at Al Jawaher Reception and Convention Centre in Sharjah, were His Excellency Sheikh Sultan bin Ahmed Al Qassimi, Chairman of Sharjah Media Corporation, Sharjah Media Centre; Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq; His Excellency Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry Affairs at the UAE Ministry of Economy; His Excellency Marwan bin Jassim Al Sarkal, CEO of Shurooq and a line-up of the industry’s top executives from Sharjah, UAE and the rest of the world.

“The most desirable economy is one which can be measured in terms of its positive effects on society. This can be seen through social stability, strong bonds among people and sustainable sources of income. We want an economy that contributes to building a society and culture that strengthens ties within it. This culture can create a balance between one's identity and society at large," said the Ruler of Sharjah during his welcome address.

"We desire an economy that creates the foundations for a civilisation with all its aspects, including arts, literature, values and ethics. This is the real wealth of nations. Is not this the real purpose of an economy throughout history?" Sheikh Dr. Sultan Al Qasimi asked.

"Our outlook for foreign investment and investors in Sharjah goes beyond its material implications. Foreign investment is a bridge for cultural exchange and a bridge for sharing science, knowledge and expertise. It is a bridge for sharing knowledge in every sense of the word of knowledge, exactly like the trade convoys used to do throughout history when they used to transport books, philosophy and news about discoveries and inventions, along with the goods they were transporting,” Sheikh Dr. Sultan Al Qasimi continued.

Following His Highness’s welcome speech, His Excellency Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry Affairs at the UAE Ministry of Economy, took to the stage to expound on the UAE’s FDI plans, explaining how it was a priority for the country in the face of depressed oil prices, regional instability and economic shocks such as the United Kingdom’s withdrawal from the European Union.

“We are aiming to increase the UAE’s diversification programme to permanently reduce our reliance on oil, the price of which is not set to rise anytime in the near future. The government has a target of reducing its oil-related GDP figure of 30 per cent to 20 per cent and is planning on FDI being 5 per cent of its GDP by 2021. We intend to build a knowledge-based economy that is underpinned by an increase in FDI and a greater number of free trade agreements,” Al Saleh said.

The third keynote speaker to take to the stage at the opening of Sharjah FDI Forum 2016 was Dr. Parag Khanna, Director of the Global Governance Initiative, American Strategy Programme, New America Foundation and author of the book ‘Connectography: Mapping the Future of Global Civilisation.’ Outlining how globalisation was increasing connectivity, he explained how the world map had changed over the years from its first form, one of ‘blue denoting oceans and brown denoting deserts’ to its second form, one of a ‘geopolitical topography’ to its third form, characterised as ‘functional geography comprising modern silk roads.’

Following the opening addresses, His Highness the Ruler of Sharjah honoured the sponsors and media partners of the forum; including the Bank of Sharjah, ENOC, Sharjah Chamber of Commerce and Industry, Sharjah Islamic Bank and Tilal Properties (Gold Sponsors). He also honoured Saja Industrial Oasis and Gulftainer (Silver Sponsors), as well as CNBC Arabia and Sharjah Media Corporation (Media Sponsors). 

The Sharjah FDI Forum 2016 aims to present a bright image of the promising industrial reality in the UAE, specifically Sharjah, by highlighting the successes made by a number of factories which set their business locally and steadily expanded to regional and international markets. It will also examine a range of potential opportunities in the industrial sector in the UAE and Sharjah.

The forum is being held while the world economy is experiencing various changes and developments. Among these is the vote by British people on their country's exit from the European Union and the inclusion of the Chinese Yuan in the basket of reserve currencies of the International Monetary Fund as of next month.

Other developments include the fluctuating exchange rates of a number of major currencies and the slowdown in many key sectors due to different reasons, thereby giving more importance to the forum, which has set itself up to be a platform that helps investors explore potential opportunities amid multi-influence factors that affect investment trends across the world.