Home > News & Views > Story

Hamriyah free zone woos Indian investors, roadshows take off

PTI - New Delhi

Aiming to further increase Indian investments in Sharjah, the Hamriyah Free Zone has announced several tax sops including zero customs duty in export and imports and 100 per cent foreign company ownership even as it is organising roadshows in major cities across the country.

"We are here to further enhance trade relations with India for which we are organising roadshows in major cities of the country," the director general of the zone Mr Rashid Al Leem said.

Starting with the capital, the roadshows, being organised in collaboration with ASSOCHAM, would travel to Mumbai, Bangalore, Baroda and Ahmedabad in the first phase, Mr Leem said, adding, "Next the aim would be to attract the indigenous artisans and craftsmen particularly of north India".

Of the 10,000 companies present in the United Arab Emirates, 3,800 are in Sharjah and 80 are in the Hamriyah Free Zone, significant names being engineering major Larsen and Toubro, electronics company Bluestar and Mumbai-based beverage company Ahlana group.

"We are looking at all kinds of industries. Infrastructure in the zone can accommodate all types of industry - heavy, large or medium - as it has warehousing facilities and executive office complexes and companies can set up their own manufacturing base. Power and water supply, major concerns of any industry, is not a problem," he said.

"Establishing businesses in the zone would provide ample opportunity to tap the markets of the Far East too. Besides, UAE is known as a re-exports market," he said.

The zone, situated next to the Hamriyah Port in Sharjah, is connected by 25 flights every week from different cities of India but most of the trade is done through the sea route.

Incentives provided by the zone include 100 per cent import-export tax exemption, waiver of all commercial levies, 100 per cent repatriation of capital and profits, exemption from corporate and personal income tax and 40 per cent discount in maritime activities and handling.

It also provides long term leasing of executive offices, warehouses and plots of land up to 25 years which can be renewed for another 25 years.

Asked if any company had shown interest in setting up offices in the zone, Mr Leem said, "There are several companies but strategic decisions take time and we are hopeful. The companies have to study various issues, visibility in particular". The zone authorities would be travelling to Pakistan in October and Japan early next year for similar roadshows to attract investors.