SHARJAH, The Hamriyah Free Zone Authority (HFZA) has emphasised the importance of innovation in the business sector as a critical driving force for economic growth and productivity improvement, and transformation towards a knowledge economy, in addition to its role in tackling the challenges facing the private sector.
The authority also pointed to the value-add of innovation to all countries seeking to enhance their position and competitiveness on the global economic map.
Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority, stated this during a speech at the opening of the 5th MAHABIZ 2022 at the Grand Hyatt Dubai.
The HFZA participated in the conference, organised by GMBF Global (Gulf Maharashtra Business Forum), as a Title Sponsor. The global Business Event brought more than 600 Entrepreneurs from all across the globe coming together for opportunities to network, share knowledge, and form meaningful partnerships.
The two-day event also touched on several economic issues, most importantly, the innovation in the business sector and the electronic market, and topics of interest to the local and global business sector.
In his speech, Al Mazrouei said, “The UAE is very keen to deepen its trade ties in fast-growing economies in Asia and Africa and draw over US$150 billion in foreign investments to reposition itself as a global hub for business and finance. Being the commercial and trading hub of the Middle East, UAE has maintained a strong trade momentum despite pandemic headwinds. It is keen to further strengthen its relations with key trading partners as the global economy recovers and trade rebounds. The UAE and India have enjoyed a strong trade relationship for many years, and as these relations continue to grow, we see the trade markets grow and diversify. India is the UAE’s second-largest trading partner, with around $40 billion in non-oil trade before the pandemic. The UAE is also India’s second-largest export destination after the US, with exports valued at about $29 billion in 2019-2020.”
Al Mazrouei signalled the importance of Africa as one of the most important markets for the UAE that seeks to play a more prominent role in developing several key sectors in African countries such as infrastructure, oil, gas, mining, energy, food, transport, logistics, ports, and IT.
He emphasised the importance of investing in innovation, creativity, research and development, particularly given the rapid changes in the global economy.
Al Mazrouei stressed the need to ramp up efforts to boost innovation in the private sector, under the objectives of the National Innovation Strategy, by developing cities, smart apps, and IT to ensure the improvement of the quality of services provided.
He went on to say that the UAE free zones are one of the most important integrated economic solutions, with adaptability to the global economic climate with its various fluctuations by turning challenges into success.
“The HFZA is a vivid example of that, whether in terms of the Sharjah government’s support for its investors and the privileges they enjoy, or the services and facilities provided by the zone.”
This is in addition to the competitive advantages and prospects and opportunities for growth in Sharjah, thanks to its strategic location.
The HFZA Director shed light on the authority’s strategy, which is based on economic diversification, providing the appropriate environment to attract new sectors, cooperating with business institutions, participating in major exhibitions, developing infrastructure to enhance investors’ experience.
Despite the fluctuations in the performance of several emerging economies and the global economy in 2021, HFZA’s performance was powerful and competitive, Al Mazrouei noted.
He added that the authority has attracted foreign companies from the US, African countries, India and others, extending over an area of 2.85 million square feet, with a total value of investments amounted to about AED271 million.
Al Mazrouei added, “Spread over 30 million sqm, it is one of the largest and fastest-growing industrial free zones in the Middle East. Thanks to the unrivalled benefits we provide like strategic geographic location, world-class infrastructure, 100 percent foreign ownership, no customs duty and no corporate and income taxes, long-term residency, and a business-friendly environment, HFZA is home to more than 6,700 companies from more than 160 countries, and we are an ideal destination where Small and Medium Business Enterprises, as well as Large Industries, co-exist and flourish together.”
Source: Emirates News Agency
