Sharjah [UAE], June 2 (ANI/WAM): The emirate of Sharjah has recorded a spectacular year-on-year growth in its manufacturing sector with a sharp 7 per cent increase in the renewal of industrial licences in 2022, according to the Sharjah FDI Office (Invest in Sharjah).

This was announced by the office during its participation in the second annual 'Make it in the Emirates Forum'.

A total of 2,401 licences spanning a diversity of industries were renewed last year compared to 2021, according to the office. The remarkable growth signifies the enduring appeal that Sharjah holds for businesses, solidifying its position as a preferred destination for ongoing operations and future expansion. According to Invest in Sharjah, the growth covered a wide range of industries including petrochemicals, plastics, metal manufacturing, textiles, printing, packaging, food processing, and automotive components, strengthening the emirate's status as a major investment destination in the region, noting the sector is the second-largest contributor to Sharjah's GDP at 16.7 per cent.

Invest in Sharjah leveraged its participation opportunity to inform local and regional players about the emerging opportunities in Sharjah's manufacturing sector, particularly in future-focussed ones like 3D printing technologies, industrial automation projects, robotics and drone aircrafts, and enlightened prospective business owners and investors on the ways Invest in Sharjah will help them achieve their commercial goals by connecting them with the right prospects, enable fresh opportunities to network and provide them strategic consultancy and advice.

During their meetings at the key event, Invest in Sharjah officials highlighted the diverse investment opportunities in the emirate for both local and foreign players. The entity highlighted that Sharjah's industrial sector benefits from the UAE's agile legislative and regulatory frameworks that continue to be updated as per the changing needs of the market and businesses.

Other advantages include Sharjah's strategic location with multiple ports on Arabian Gulf and Gulf of Oman, 6 specialised free zones and 33 industrial zones, numerous state-of-the-art complexes dedicated to furthering innovation, research, scientific and technology, and more, which have all played a decisive role in bringing 35 percent of the nation's manufacturing operations to the emirate.

Invest in Sharjah also underscored that the emirate's strong industrial foundation and 3D printing capabilities makes it one of the top regional destinations for manufacturing businesses that want to leverage automation, IoT, Robotics, drone technologies, and other areas of advanced manufacturing aim to tap into the GCC market estimated to grow exponentially to reach USD 10.3 billion (AED 37.8 billion) by 2023.

The entity emphasised that the advanced manufacturing sector, poised to grow to USD 599 million (AED 2.2 billion) by 2025, represents the future for the UAE, particularly for Sharjah.

Speaking at a panel titled 'Why make it in the emirates, the investor perspective', Mohamed Juma Al Musharakh, CEO of Invest in Sharjah, elaborated on the various strategies and efforts that came together to establish Sharjah as the Middle East's leading hub of manufacturing.

"For decades to come, manufacturing will continue to drive sustainable growth in regional and global economies. AI, market data analysis, studying consumer behaviour and trends, and other intuitive technologies will further augment the contributions of the sector to our economies. This is one of the many reasons why Invest in Sharjah continues to lay strong emphasis on attracting new investments in manufacturing by supporting the emirate's goals to remain flexible, efficient and forward-looking," he noted.

"We continue to collaborate with a diversity of stakeholders to enhance Sharjah's industrial infrastructure in order to boost its relevance and attractiveness to global players. The emirate's investor-first policies, low operating costs, world-class incentives and a robust, modern infrastructure all come together to keep up with global advancements and also generate new demand for Emirati-made products regionally and globally," the CEO further added. (ANI/WAM)