The Hindu Business Line : Sharjah free zone woos Indian cos

The Deputy Director-General, Sharjah Airport International Free Zone, UAE, Sheikh Saqer Al Qassemi, with the FICCI President, Mr R.S. Lodha, addressing a press conference in the Capital on Monday.

NEW DELHI, May 6

LURING the Indian business houses to Sharjah, Sharjah Airport International Free Zone Authority (SAIF-Zone) on Monday highlighted the incentives and facilities offered to industry.

"There is no magic formula for success in business. As the world has transformed into a global village due to the lifting of trade blocks and excellent communications, companies will have to maximise their efficiency, minimise costs, build responsive organisations and move closer to their core markets," Sheikh Saqer Al Qassemi, Deputy Director-General, SAIF-Zone, said in an interactive meeting organised by the Federation of Indian Chambers of Commerce & Industry (FICCI).

Hard-selling the SAIF-Zone, he said: "Sharjah is the industrial nerve centre of the UAE, accounting for 45 per cent of the country's industrial GDP. Besides, the Sharjah International Airport is home to the biggest air-cargo hub in West Asia and Africa, connecting 230 destinations worldwide.''

Brushing aside the speculations that competition from Dubai was making Sharjah hard-sell itself, he said, "healthy competition is welcome as it helps in upgrading our facilities".

Since its inception, the SAIF-Zone has witnessed a consistent growth from 55 companies in 1995 to 750 companies as on March 31, 2002. "It is currently forming strategic alliances with strong partners around the world since the same is vital to its growth," he said.

Further, the companies in the free zone can have 100 per cent foreign ownership and repatriation of funds with no currency restrictions. The other advantages include no corporate or personal income-taxes, no import or export duties, 25 years lease extended for a similar period, licence issued within 24 hours, sponsorship and visa for all staff, 100 per cent expatriate workers, simplified customs procedure, and abundant and inexpensive energy.

It also offers cost-effective living and modern business and leisure amenities, 24-hour hotline for equipment and provision of labour in cargo operations, and high frequency of cargo airlines operations to 42 CIS and European destinations and 32 Indian and Far-Eastern destinations from the Sharjah International Airport.

Commenting on the recent economic scenario, he said that the business in Sharjah Free Zone was not really affected.

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