• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Our Bureau

Mr Khalid Al Shaali , Deputy Managing Director, Ajman Free Zone UAE, flanked by Mr Ahmed Kajoor, Customer Services, and Mr Rishi Somaiya, Marketing Manager, at a press conference to announce the largest free trade zones in West Asia, in the Capital on Wednesday. — Kamal Narang

New Delhi , Oct. 15

INDIAN industry with a range of manufacturing, services and trading activities could immensely benefit by establishing a presence in the most advanced and largest free trade zones in West Asia, the Ajman Free Trade Zone of the United Arab Emirates (UAE).

Stating this at a news conference here the Deputy Managing Director of Ajman free trade zone, Mr Khalid Al Shaali, said the zone has been specifically designed to attract foreign business and investment, encourage production, provide fillip for trade, foster global commerce and promote industrial activity. He listed out some of the benefits of operating in Ajman free trade zone as 100 per cent foreign ownership, 100 per cent repatriation of capital and profits, no personal income tax, no corporate tax and no red tape "with absolute hassle-free" atmosphere. He said that already over 35 per cent of companies operating in the free zone is from India such as Kirloskar, Nilkamal Plastics, Baba Global and Jacquar.

Later talking to Business Line, Mr Khalid Al Shaali said as of now 800 companies operate in the Ajman free trade zone with the average growth being 35 per cent per annum since the past three years. "We are expecting to grow at this accelerated pace this year too, as we added new facilities" for the benefit of units being set up in the zone, he said adding that "our embassy here would provide all help and the Indian business people can check the facilities we provide and the opportunities they get to do business in Ajman free trade zone".

The objective of his mission to India, he said, is that apart from exploring the big market of India and the facilities it extends in its free trade zones, was also to conduct a series of business seminars in Delhi, Ahmedabad and Mumbai with a view to providing a synoptic picture of what Ajman free trade zone could offer to Indian companies and businesses if they came forward to invest in it which is going to have 1500 companies by the end of 2004.

After the seminar, the Ajman free trade zone representatives would be participating in the UAE Trade Fair to be held at the World Trade Centre in Mumbai between October 21 and 24, he said adding that "our goal is to provide the latest and the most modern facilities for businesses operating in our zone, complemented by allied assistance to strengthen the commercial relationship with India and other countries".

Mr Rishi Somaiya, Marketing Manager of the Ajman free trade zone said "our strategic location at the entrance of the Arabian Gulf is an ideal opportunity for Indian manufacturers, traders and service providers to gain access to the strong West Asian markets as well as globally through the extensive connectivity of the adjacent Ajman Port". He said one of the important reasons for the growth of the free trade zone is that it is able to maintain the cost effectiveness as also packages that would suit the needs of companies from start-up to blue chip ones.

Article E-Mail :: Comment :: Syndication

Stories in this Section
NSSO survey on job scene

Copyright © 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line