UAE free trade zone invites Indian investment

By Staff
|
Google Oneindia News

Mumbai, Apr 1: UAE-based Ras Al-Khaimah (RAK) free trade zone authority (FTZA) has urged the Indian business community to set up units there, which could act as a complementary zone for several special economic zones (SEZs) that are proposed to be set up in Maharashtra and Gujarat.

The FTZA representatives were recently at the Indian Merchants' Chamber for a meeting with the Indian businessmen and prospective investors persuading them to establish a base at the RAK, which is a brand new FTZ coming up at the tip of the horn of Arabian peninsula at the Gulf of Hormuz near Iran.

To a poser, Industrial Development Advisor to RAK FTZA, Sudhir Gupta said the Indian SEZs and RAK's FTZ can beneficially play a complementary role. This is because, some things are better done in India and others have a greater advantage in RAK FTZ, in the interest of concerned business entities, he said.

More than 800 companies from 28 countries have set up bases at the zone and about 50 per cent of these are by Indian businessmen.

In fact, the Gulf region has emerged as the second largest trading partner of India, he said.

Given India's geographical proximity, cultural affinity and economic complementarities with Gulf countries, its multifaceted relations with those have continued to flourish. The annual bilateral trade turnover was in excess of USD 10 billion, Mr Gupta said.

He said the RAK permits investors to set up units with cent per cent ownership, with no condition to have any local partner. It also permits the foreign investors full repatriation of capital and profits and does not levy either income tax or corporate tax. There is also no currency restriction and there are transparent laws and regulations, he said.

FTZ's resident manager in India Binu Pisharady said, the RAK FTZ consists of a business park, an industrial park and a technology park and has set up two promotion centres in Dubai and Abu Dhabi.

It also has latest communication facilities, is conveniently located at a short distance from modern seaport and international airport, and has abundant energy supply and solid infrastructure.

UNI

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