Home Business HFZA reiterates commitment to boosting Indian enterprises’ confidence in Sharjah’s investment climate

HFZA reiterates commitment to boosting Indian enterprises’ confidence in Sharjah’s investment climate

by Dubai Forum
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DUBAI, 6th March, 2022 (WAM) — Hamriyah Free Zone Authority (HFZA) has reiterated 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 added, “We spare no effort to provide all the facilities, the administrative, technical, and logistical services that ensure ease of doing business in Sharjah. This is in keeping with the strenuous UAE-India efforts to strengthen the solid economic, trade, and investment ties between the two friendly countries.”

This was stated during a speech by Saud Salem Al Mazrouei, Director of the Hamriyah Free Zone Authority, during the Tamil Entrepreneurs Forum, organised 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.

In his speech, 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.

“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 US$60 billion to US$100 billion in five years,” he added.

Al Mazrouei added that Indian companies at HFZA take advantage of the many benefits on offer. This includes the strategic location connecting the East and West, sophisticated infrastructure, unrivalled global connectivity, and proximity to the port, which facilitates the import and export operations and raises trade exchanges.

He added that 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.

“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,” Al Mazrouei said in conclusion.

Established in 2020, the Tamil Entrepreneurs & Professionals Associates looks to bring more investment to the UAE, support to increase the number of new start-ups, increase the number of workforces and business activities in the local market, empower entrepreneurs to do effective business in the UAE, arrange seminars and conferences related to business in partnership with local business enterprises.

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