Sharjah authority mulls over SEZ near Bangalore

Kochi, Jul 11: The Hamriyah Free Zone Authority, fully owned by the Sharjah government, is ''seriously considering'' a proposal to operate a special economic zone (SEZ) near Bangalore, its Director General Rashid Al Leem said here.

Talking to UNI last evening after a presentation to invite Indian entrepreneurs and traders to set base in the Hamriyah Free Zone in Sharjah, Dr Al Leem said the proposal was received by the authority last year from a private sector group.

''The Indian company has been allotted land near Bangalore and it has invited us to run the free zone. We are seriously considering the proposal,'' he said.

Declining to reveal more details, he said negotiations were on and ''we are hopeful that it will work out.'' Dr Al Leem said the Hamriyah Free Zone Authority, which was established in 1996 through a decree of the Emir of Sharjah, had received similar proposals from some other countries also, including Russia, Italy and Syria.

The Hamriyah Free Zone team currently in India on a nearly 20-day visit would organise roadshows in Kochi, Chennai, Bangalore, Ahmedabad and Hyderabad.

Stating that the response to the previous presentations of the authority in India had been ''excellent,'' the Director General said that nearly 30 per cent of the 1700-odd companies operating in the Hamriyah Free Zone were from India.

The Indian companies were mostly in the trade and commercial services although there were some in heavy industries also.

Hamriyah Free Zone has embarked on the second phase of its expansion during which it proposes to add another nine million square meters of space to the existing 11 million sq m, which has been fully leased out.

Companies from more than 90 countries had set up base at Hamriyah with an approximate investment of three billion US Dollars.

Earlier, in the presentation organised by the Kerala Chamber of Commerce and Industry, he said the Hamriyah Free Zone offered a 100 per cent tax free environment and company ownership, exemption from all commerical levies and repatriation of capital and profits.

Land lease was available for 25 years, renewable for a similar period. There was a 14 meter deep water port and a seven meter deep inner harbour adjacent to it, he added.

UNI