Sharjah Airport International Free (SAIF) Zone, which conducted its maiden roadshow here on Wednesday to showcase it as the industrial powerhouse of the United Arab Emirates, has so far attracted 7,000 plus companies from India.
SAIF Zone Sales Manager (Commercial Division) Thomas Joseph and Sales Officer Anoop Warrier interacted with the participants at programme organised jointly by the Federation of Indian Export Organisations and International Business Forum on expanding business globally.
Foreign companies investing in free trade zones are exempted from personal income taxes and corporate taxes for 30 years.
Import goods meant for the zones are also exempted from duties.
Mr. Thomas told The Hindu that anyone with a minimum investment of $7,700 could open an office in the zone on lease rental within 24 hours and exit with 90 days notice in a totally hassle-free environment.
He said due to its strategic location between East and West, UAE had become the gateway to trade in the Middle East – the major trade network connecting Asia with the Mediterranean and North Africa.
Mr. Thomas said India being third largest investor in UAE following its emergence as a major re-export centre, Indian companies had been showing keen interest for investment in the region taking advantage of huge expatriate Indian population numbering around two million.
SAIF Zone set up in September 1995 has become biggest rendezvous for 100 per cent FDI in manufacturing, logistics, IT, pharma and other sectors. It has already attracted big players like Infosys and Wipro.
India-UAE trade valued at US$180 million per annum in 1970s is estimated to have become $60 billion making UAE India’s third largest trading partner after China and the United States during 2014-15.
Source : http://www.thehindu.com/