Ras Al Khaimah FTZ signs MoU with Kerala Chamber of Commerce

Kochi, Mar 31 (UNI) The Ras Al Khaimah Free Trade Zone today signed a Memorandum of Understanding with the Kerala Chamber of Commerce and Industry (KCCI) to promote bilateral investment and industrial cooperation.

Addressing a press conference here, Ras Al Khaimah Free Trade Zone (RAKFTZ) Director General Oussama El Omari said this was the first time that the authority was signing an MoU with a chamber of commerce in India.

''The UAE has a historic relationship with Kerala and this MoU is aimed at strengthening the ties further. We would like to promote bilateral investment in IT, health and other areas,'' Mr El Omari said.

Stating that the Government of India had given the go ahead to the RAKFTZ to set up an industrial processing zone in Hyderabad, and given it the status of an 'export promotion zone' (EPZ), Mr El Omari said that it was targeting investments worth 2.5 billion dollars for the EPZ.

In reply to a question, he said the authority was open to setting up an EPZ in Kerala also and had an open mind in exploring the business opportunties here.

Describing the RAK Free Trade Zone as the most attractive industrial area in the Middle East, he said that it had attracted investments worth Dirham 3.3 billion since its inception in 2000. At present, more than 3,000 companies were registered in the zone, of which almost 40 per cent were from India, including 23 per cent from Kerala.

The RAKFTZ was aiming at a 35 per cent growth during 2007, he said.

With the signing of the MoU, the KCCI would act as a facilitator for setting up UAE projects in Kerala. It would also act as a ''stepping stone for the Kerala business entrepreneurs to the world market,'' he said.

Citing the instance of the construction industry in the Middle East, he said this booming sector presented business opportunities worth 300 billion dollars. ''We will like to promote business opportunities for Indian entrepreneurs in this sector,'' he added.

Mr E S Jose, president, Kerala Chamber of Commerce and Industry, was also present.

UNI