Hamriyah Free Zone Authority (HFZA) has reaffirmed its commitment to providing all the necessary means to boost the confidence of more than 1,400 Indian companies operating in the free zone in various industrial and commercial sectors.
The authority stated that it will provide all the facilities, the administrative, technical, and logistical services that ensure ease of doing business in Sharjah. This is in line with the UAE’s continuous efforts to strengthen the two friendly countries’ robust economic, trade, and investment ties.
This was stated during a speech by Mr. Saud Salem Al Mazrouei, Director of the HFZA, during the Tamil Entrepreneurs Forum, organized by the Tamil Entrepreneurs & Professionals Associates, UAE, at Holiday Inn Hotel, Dubai.
The forum aims to encourage and facilitate business development for the Tamil-speaking community of India. In his speech, Mr. Al Mazrouei said that the UAE and India had enjoyed a strong trade relationship for many years, and as these relations continue to grow, the trade markets grow and diversify.
Saud Salim Al Mazrouei Director – HFZA
“Incorporating the principles and best practices of free trade, UAE free zones help stimulate trade and investment, and facilitate the transfer of skills, knowledge and technology. UAE free zones offer 100 percent foreign ownership, with no requirements of local sponsors or service agents. Business owners can also enjoy 100 percent repatriation of revenues and profits, and 100 percent transfer of funds. More importantly, there is a time-bound waiver of all corporate taxes and import and export taxes and exemption from all personal taxes.”
“On 18th February, India and the UAE inked a Comprehensive Economic Partnership Agreement (CEPA) that is being billed as a historic one in many ways. This agreement will usher in a new era in our bilateral economic relations and it is estimated that the bilateral trade volume will increase from $60 billion to $100 billion in five years,” commented Mr. Al Mazrouei.
Mr. Al Mazrouei added that Indian companies at HFZA take advantage of the many benefits on offer including the strategic location connecting the East and West, sophisticated infrastructure, unrivaled global connectivity, and proximity to the port. The free zone also sets its sights on the companies wishing to expand and grow through the availability of industrial and commercial plots of land and free spaces for future expansions.
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