Financial Daily from THE HINDU group of publications
Friday, Feb 11, 2005
Financial Daily from THE HINDU group of publications Friday, Feb 11, 2005 |
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Industry & Economy
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Foreign Trade Hamriyah Free Zone woos Indian investors Our Bureau
Kochi , Feb. 10 THE Sharjah-based Hamriyah Free Zone (HFZ) is holding roadshows in the country with an offer of competitive incentives and facilities to attract investors from India to set up business ventures in the zone. The HFZ has already conducted two such shows in the country in Mumbai and Kochi and will be organising two more in Bangalore and Hyderabad this week. Addressing the business community at a seminar organised by the Kerala Chamber of Commerce and Industry here, Dr Rasheed Alleem, Director-General of HFZ, said that companies should think globally in the present scenario. In the globalisation era, local companies should also adopt strategies to survive in the market, he added. The HFZ, he said, is fast becoming a cornerstone of the UAE's industrial development with an area of 12 million sq.m. of prime industrial and commercial land and a 14 m deep-water port. The prime location of the zone underscores its importance to the development strategy of the Sharjah emirate.
The investment incentives the zone offers include 100 per cent import and export tax exemption and exemption from all commercial levels and 100 per cent foreign company ownership. HFZ procedures for setting up a company are easy and streamlined. It is possible to obtain a licence within 24 hours of submitting all requisite documents, he said. Speaking on the occasion, Mr C.P. Jain, President of the chamber, said that the liberalisation and globalisation had opened up the market and provided ample opportunity to compete with world-class products and services to attain quality in production as well as services. He hoped that businessmen in Kochi would be interested to expand their business in the UAE also.
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