UAE invites Indian Inc to invest in free zones

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

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

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

Dr Al Leem said of the 2,000 companies which had leased land in the Hamriya Free Zone, about 500 were from India.

Of the 500, 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, quick delivery of licences, 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 port and a seven-meter-deep inner harbour, advanced telecommunications links, access to Sharjah International Airport, abundant and inexpensive electricity were the other advantages, he added.

UNI