Economy

UAE free trade zone woos Indian companies

Our Bureau Mumbai | Updated on March 08, 2018 Published on March 08, 2018

The bilateral trade between India and UAE is expected to touch $100 billion by 2020 against $59 billion logged in 2016.

In a bid to strengthen ties, Ras Al Khaimah Economic Zone, the free trade zone, has opened a new office in Mumbai to facilitate and process the applications of Indian companies. Spread over 33 million square metres, over 13,000 companies representing 50 different sectors from 100 countries are operational at Rakez. There are 3,000 Indian companies including that of Ashok Leyland, GK Technologies and Dabur have presence in the plug-and-play free trade zone.

Sheikh Ahmed bin Saqr Al Qasimi, Chairman, Rakez, said application to start business in the free trade zone can be processed in three working days if the company has all the required papers and there is no minimum investment requirement.

“One can even take a desk space and start business directly though we are keen to attract Indian investments in manufacturing sector,” he added.

The recently levied value added tax of five per cent will not be applicable on good produced and exported from the free trade zone. Manufacturers can ship in raw material from any part of the world and export finished product without paying any duty, he said.

Rakez can provide competitive edge for Indian companies to compete in international markets as the cost of operations would reduce 25-50 per cent, Qasimi assured.

Some of the sectors that have shown interest in Rakez include pharma, chemicals, manufacturing, auto, IT, biotech and financial services, he added.

Published on March 08, 2018

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