Mumbai, Mar 12: Efforts are on to woo Asians to invest in Sharjah in a bid to create an integrated business-driven community.India, has, however, topped the priority list with the Emirate's Mubarak Bulaswad Mubarak, director of economic affairs of Sharjah Chamber of Commerce and Industry making Mumbai his first halt before proceeding to other countries.
"I am here on an awareness drive that our country has a free economy," Mubarak said. "We want the Asians to exploit the facilities we offer," he said.
Mubarak, however, seems to be very optimistic about Indian investors taking advantage of UAE's investor-friendly policies. "We started with India because we have already established a long-term relationship with Indians over the years and there are plenty of Indians who have made my country a second home," he said.
India ranks sixth among the list of countries that trade with the United Arab Emirates and the third among the Asian countries after China and Korea, he said. There are no specific industry or industries targeted by the UAE, Mubarak said. "We have have left it to the investors who are free to come and take advantage of the two free zones," he said. Among the other countries Mubarak plans to visit are Singapore, Malaysia and Thailand. Asians are the prime targets of Mubarak's visit. "This is because the majority population in the emirates comprises Asians," he said.
Sharjah is strategically located with two free-zones and three ports. One port is outside the gulf and saves 28 per cent of the shipment cost in addition to the time factor. Sharjah accounts for nearly 75 per cent of the goods manufactured in the UAE. The recently established free zone -- Hamriyah Free Zone -- is roughly ten million square meters of industrial and commercial land.
The free zones were established in late 1995 and have investment incentives such as 100 per cent foreign company ownership, total tax exemption on exports as well as imports, no commercial levies and a 100-per cent repatriation of capital and profits. The land is leased for a 15-year period and can be renewable for another 15 years. Sharjah is the only emirate with sea ports on the east and west coasts. The licensing procedure are also not cumbersome, Mubarak said. Sharjah will also host a series of exhibitions starting from May and ending sometime in November. The exhibitions include decor light, furniture, trade fairs, leather, jewelleries, leather and automobiles, aimed at promoting business opportunities in UAE.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
