Mysore

‘Free zones in UAE lucrative for foreign investors’

 Commercial Director, SAIF Zone, Mohammed Al Mahmood, threw light on the positive bilateral relations between India and UAE

The Federation of Indian Export Organisations (FIEO) in association with the Sharjah Airport International Free Zone Authority (SAIF Zone) and the Mysore Chamber of Commerce and Industries (MCCI) had organised a special seminar ‘International Business Forum – Expanding Business Globally’ to discuss the business opportunities in UAE for Indian industrialists.

The day-long programme held at a private hotel here on Thursday stressed the potential UAE had for people in India and scope for oversea export and import between the two countries.

Speaking to a gathering of industrialists, Commercial Director, SAIF Zone, Mohammed Al Mahmood noted that relation between India and the UAE was not restricted to business but it goes deeper as Indians had become an integral part of the UAE.

Mohammed Al Mahmood said that UAE was the third largest exporter of items to India after the US and China and had an excellent bilateral trade opportunities and immense potential for growth in the upcoming years.

SAIF Zone, he said, was the premier business destination situated in the Emirate of Sharjah – the ‘industrial powerhouse’ of the UAE with a modern infrastructure and an emphasis on cost effectiveness.  The SAIF-Zone today has over 7,000 plus companies operating out of it from 149 countries, of which 48 % are from India carrying out varied business activities like light to medium manufacturing, trading and providing services such as IT, consultancy, etc, he added.

He further invited businessmen to start their businesses at SAIF Zone and said: “Sharjah is the most soughtafter place in the UAE and SAIF Zone is the ideal place with plug in facilities to start any business,” he said, adding, “Doing business with SAIF Zone is doing business with the world.”

UAE Free Trade Zones

Explaining the concept of Free Zone in the UAE to attract foreign business entities, Sales Manager, SAIF Zone, Thomas Joseph said that establishing a business entity in one of the UAE’s Free Trade Zones (FTZs) can be an extremely attractive option for foreign investors.

“Free Trade Zones provide A congenial environment for the acceleration of economic development in the UAE. The major attributes of a free zone are100 per cent foreign ownership of the enterprise reduced or different trade barriers, tariffs and quotas, 100 per cent repatriation of capital and profits, corporate tax exemptions for up to 30 years, no personal income taxes, an independent Free Zone Authority (FZA) governs each free zone, and is the agency responsible for issuing FTZ operating licences and assisting companies with establishing their business in the FTZ among many,” he said.

Joseph added that a trade licence, if all the documents submitted, would be issued within hours.

Sales Officer, SAIF Zone, Anup Warrier, Assistant Director, FIEO Karnataka Chapter, Soma Choudhry, president, MCCI, A S Satish were present.

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