UAE invites Indian businessmen to invest in country's free zones

Kochi, Aug 22 (UNI) Describing India as a ''strategic business partner''of the UAE, Dr Rashid Al Leem, Director General, Sharjah Ports and Customs, today invited Indian businessmen to invest in free zones in the Gulf emirate.

Addressing an interactive session with businessmen here, organised by the Kerala Chamber of Commerce and Industry (KCCI), Dr Al Leem, who also heads the Hamriyah Free Zone Authority in Sharjah, stressed the need for India and the UAE to further their economic ties.

Observing that India was the second largest trade partner of the UAE after the US, Dr Al Leem said there was a need for the two countries to have a fresh look at their ties so as to maintain their relationship in a rapidly changing world.

Inviting businessmen from India to invest in the Hamriya and other free zones in the UAE, he said that in today's globalised world, a businessman must think globally to survive.

''There are more than 5,000 registered free zones in the world as of now. This shows the popularity of this concept, which seems to have caught on in several countries,'' he added.

Dr Al Leem said that of the 2,000 companies which had leased land in the Hamriya Free Zone, almost 500 were from India. Of these, almost 20 per cent were from Kerala, he said.

Stating that the Hamriya Free Zone offered a slew of incentives to potential investors, Dr Al Leem said these included single window clearance for all approvals, quick delivery of licenses, 100 per cent repatriation of capital and profits, a tax free environment and exemption from all commercial levies.

Apart from land, the free zone also offered pre-built warehouses and office space. A 14 meter deep water port and a seven meter deep inner harbour, advanced telecommunications links, access to Sharjah International Airport and abundant and inexpensive electricity were the other advantes.

UNI