Sat, 28 Jan 2023

SHARJAH, 10th January, 2023 (WAM) -- The Sharjah Chamber of Commerce and Industry (SCCI) has discussed economic cooperation and ways to boost business relations with a high-level business delegation from the Arab Colombian Chamber of Commerce.

The discussions were held during the Sharjah-Colombia business forum organised by the Chamber on the sidelines of the Colombian business delegation's visit to the Emirate of Sharjah, headed by Juliana Cabrejo, CEO of the Arab Colombian Chamber of Commerce. Raghda Emran, a member of the SCCI's Board of Directors, attended the meeting.

Emran said, "The UAE's vision and aspirations are focussed primarily on enhancing the country's economy and achieving qualitative leaps by supporting economic, commercial, and investment partnerships, and expanding bilateral relations with many promising countries, including Colombia."

Emran stated that Colombia is the third-largest economy in South America, a significant source of raw materials, and an important gateway for companies in the UAE to access the wide economic opportunities offered by the region. In addition, the UAE is Colombia's largest trading partner in the Arab world, with more than 40 percent of its foreign trade in the region in 2020. The total non-oil trade between the UAE and Colombia was AED991 million in 2021.

"Such a strong foundation serves as a starting point for concrete cooperation and shared understanding that brings together members of both Chambers to achieve qualitative leaps in various sectors," she added.

Emphasising the importance of the meeting, Cabrejo said that the gathering had been a valuable opportunity for Colombian companies and members of the Arab Colombian Chamber of Commerce to exchange expertise and explore investment opportunities in various sectors, especially in coffee trading.

Cabrejo added that Sharjah has international capabilities in all fields and can support Colombian companies with its economic expertise. In addition, she outlined investment opportunities available in Colombia, one of the most stable Latin American economies with a noticeable growth rate in various sectors.

During the meeting, the Sharjah International Airport Free Zone (SAIF Zone) showcased its logistical capabilities and integrated service system that meets the needs of investors and the advantages it offers. It includes 100 per cent foreign ownership of businesses, 100 per cent repatriation of capital and profits, 100 per cent corporate or personal income tax exemptions, and 100 per cent import and export tax exemptions.

In addition, it also promises issuance of licences within an hour, leasable land, warehouses, furnished offices, a strategic location in the UAE and the world, and global air connectivity through Sharjah Airport, which serves as a significant hub in the region.

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