The Sharjah Investment and Development Authority (Shurooq) and the U.S. Chamber of Commerce have signed a memorandum of understanding (MoU) aimed at promoting investment, trade, technical and economic cooperation, enhancing exports, and the exchange of visits by investment delegations between the United States of America and Sharjah, CPI  Financial reported.

The MoU was signed by HE Marwan bin Jassim Al Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq) and David C. Chavern, Executive Vice President and Chief Operating Officer of the U.S. Chamber of Commerce, in the presence of a number of officials from both Shurooq and the U.S. Chamber of Commerce.

Under the terms of the MoU Shurooq and the U.S. Chamber of Commerce will endeavour to encourage, promote, and facilitate investment and development cooperation among their respective business communities, in addition to establishing, coordinating, and expanding a business network that facilitates the circulation of the business opportunities available in both countries.

The agreement furthermore aims to encourage the exchange of statistics in the form of economic and business data to facilitate investment and activate joint venture projects, as well as joint research activities. The agreement also makes provision for the participation of each party in conferences and trade shows organised by the other, working to overcome any obstacles facing the growth of investments and businesses, exchanging expertise and training, and encouraging reciprocal investments.