SHARJAH - Sharjah Chamber of Commerce and Industry (SCCI) has signed a memorandum of understanding (MoU) with the Government of the Republic of Guatemala, represented by the economy, tourism, and investment ministries.

The MoU aims to strengthen trade relations and develop mutual cooperation, encourage and facilitate economic cooperation between business communities in both friendly countries, said an SCCI statement on Monday.

The signing ceremony of the agreement took place at the Guatemalan pavilion at the Expo 2020 Dubai, between Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber, and Luis Alfonso Bosque Gingila, Chairman of the Guatemalan Chamber of Industry.

Under the agreement, the two sides shall encourage the exchange of trade delegations and discussions in the fields of export and economy and support follow-up visits in this regard.

The agreement also provides for the coordination to establish and expand a commercial network that facilitates trading business opportunities available in the two countries, as well as the exchange of commercial data and statistics and activation of joint research, and participation in the economic events, exhibitions, and conferences for each side.

"The MoU reflects the SCCI's efforts to strengthen its relations and international partnerships with the countries participating in Expo 2020 Dubai, expecting the agreement would build new bridges of fruitful cooperation between the business communities in Sharjah and Guatemala and raise the emirate's trade relations to distinct levels," said Abdullah Sultan Al Owais.

He added that the SCCI is keen to strengthen its presence in vital and promising markets that provide opportunities for growth and expansion for its partners from the business community and private sector companies in the emirate.

Al Owais pointed out that Guatemala is one of the countries packed with investment opportunities, highlighting the importance of strengthening relations between Sharjah and Guatemala, which reflects the growth and prosperity that receives all support and care from the leadership and people of the two friendly countries.

Luis Gingila said the agreement is an important strategic step towards consolidating relations between Guatemala and the UAE and the Emirate of Sharjah in particular.

He noted that the MoU seeks to enhance and facilitate effective cooperation in trade, economic and investment activities, pointing to his country's desire for promising economic and trade relations with the UAE.

Gingila invited local companies in Sharjah to visit and invest in Guatemala, which enjoys an ideal environment for the growth of investments in various sectors that can achieve common goals and interests.