Hamriyah Free Zone invites Indian investment

Bangalore, Aug 28 (UNI) Sensing big opportunities with many Indian multinationals looking to invest outside the country, the Hamriyah Free Zone (HFZ) Authority at Sharjah in the UAE invited Indian investors to open shop in the zone which is one of the three biggest in the Middle East.

Speaking at a seminar organised by the Federation of Karnataka Chambers of Commerce&Industry (FKCCI) here last night, HFZ Authority Director General Rashid Al-Leem said the zone had emerged as a preferred investment destination for nearly 2000 firms from 110 countries which included more than 500 Indian firms.

''HFZ is the ideal place for Indian companies to expand off shore.

HFZ is a new generation free zone and a tax heaven for investors.

''This comes apart from the world class infrastructure, connectivity and access to Middle East and North Africa and Europe.'' Spread over 22 million square metre, the HFZ had both sea and road connectivity. It offered warehousing, distribution and networking facilities.

It had its own dedicated berth, a deep water port, an inner harbour for ship building and dry docks for anchoring ships sailing through the Gulf of Oman. The other advantage was inexpensive energy.

HFZ had so far attracted an investment of 1.2 billion US Dollar.

Of this, 65 per cent were industrial, 21 per cent commercial and 14 per cent services.

HFZA Marketing Assistant Head Abdulla Ahmed Al Badri said about 40,000 people were employed in the zone and about 10,000 people lived on its vast territory.

UNI