(MENAFN- Khaleej Times) The Sharjah Investment and Development Authority, or Shurooq, has signed a memorandum of understanding with the Republic of Turkey's Prime Ministry Investment Support and Promotion Agency, or Ispat, with the aim of strengthening business relations and developing reciprocal cooperation between Sharjah and Turkey.
It was done in the presence of His Highness Shaikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah; and Turkish Prime Minister Recep Tayyip Erdogan,
The signing ceremony took place during the second Government Communication Forum held under the theme, "Effective Communication-Unified Message", which was opened on Sunday by Shaikh Dr Sultan at Expo Centre Sharjah.
The MoU was signed by Shurooq chairperson Shaikha Bodour bint Sultan Al Qasimi and Ispat President M. Ilker Ayci.
Shaikha Bodour said that trade between the UAE and Turkey has not only been highly mutually beneficial, but that future forecasts are extremely positive. Figures show that Turkish investments in the UAE reached $6 billion, with the main focus in the construction sector, while UAE investments in Turkey amounted to approximately $5 billion in 2011. Trade between the two countries reached $5 billion in the same year and is forecast to markedly increase to up to $10 billion by 2015.
Shaikha Bodour went on to stress that the relationship between Turkey and the UAE, however, goes well beyond trade and investment, citing both the historical and cultural ties between the two nations, the numerous Turkish citizens who live and work in the country's building, tourism and transport sectors, as well as the many exhibitions in the UAE that Turkey participates in on a yearly basis.
"This MoU marks yet another milestone for Shurooq as it continues to establish Sharjah's position as a leading investment destination in the UAE and the region. We are constantly working to both promote the emirate of Sharjah's many attractive investment opportunities and explore ways through which we can attract even more investors," she said.
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