The Hindu Business Line : Sharjah free zone invites Indian entrepreneurs

The SAIF official said the target was to enlighten Indian entrepreneurs on the need for synergising the two strong economies in order to tap the unfolding opportunities in the global trade.

Hyderabad , Dec. 20

THE Sharjah Airport International Free Zone (SAIF) has invited Indian businesses and service providers to set up units in the zone that allows 100 per cent foreign ownership, corporate and personal income tax benefits.

The zone, started off with 55 companies in 1995, now houses 2,020 companies from 62 countries and covering a variety of business segments.

About half the number of companies were from India, according to Mr Saqer RH Al Qassemi, Deputy Director-General of SAIF.

He was in the city on Monday to showcase the zone to a gathering of entrepreneurs.

He told Business Line that licences would be given in just 24 hours.

"The strategic location and the connectivity gives them the convenience of reaching out to different global markets," he said. Of the fully developed 15-million sq.m zone, 65 per cent was occupied. "Space is no problem.

The Government will allot additional land, if need be. Plans are afoot to develop 2.5 million sq.m more, keeping in mind the increasing interest. The acquisition process is complete," he said.

He said the target was to enlighten Indian entrepreneurs on the need for synergising the two strong economies in order to tap the unfolding opportunities in global trade. "Together we can do a successful story," he said.

Mr Saqer, along with other top SAIF officials, were on a countrywide roadshow to showcase the zone advantages to businesses in different parts of the country.

After covering Chandigarh, Delhi and Hyderabad, the team will next go to Indore.

Among other benefits the zone offers are free transfer of funds, onsite labour accommodation and simplified Customs procedures.

The warehouses, offered in four sizes, were flexible and can easily be converted into offices or manufacturing units.