The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Coimbatore District Small Industries Association (Codissia), in association with “Sharjah Airport International Free (SAIF) Zone, organised here recently an interactive session to discuss business and investment opportunities for Indian companies in the UAE and also benefits of setting up business in SAIF Zone.
ADVERTISEMENT
Raed Bukhatir, Director – Marketing and Business Relations, SAIF Zone, said Sharjah is an emerging trading hub that offered logistical advantage via land, sea, and air links. Businesses in Coimbatore can benefit by doing business from the SAIF Zone. “Nearly 60 % of our investors in SAIF Zone are from India,” he said. SAIF Zone offers zero tax, 100% ownership, preferential customs duty rates, and 100% import-and-export tax exemption. It also offers customised incentive packages for women entrepreneurs, for setting up business in SAIF Zone.
Anoop Warrier from SAIF Zone said any company can open an office in the SAIF Zone by paying less than ₹3 lakh, and it includes one year rent, electricity, water, all permissions and a quota for three residence visas, said
According to K. S. Ravichandran, ASSOCHAM Southern Chair, Corporate Law, the recently signed CEPA with the UAE will reduce import duties on most Indian exports to the country. The agreement will boost the country’s export trade in sectors such as gems and jewellery, textiles, leather, footwear, sporting goods, engineering goods and pharmaceuticals. Apart from opening up trade and investment avenues between the UAE and India, the agreement will also provide an opportunity for Indian companies to make the UAE a gateway for their products and services to West Asia, Africa and Europe, he said.
V. Thirugnanam, president of Codissia, said India’s bilateral trade with the UAE is expected to surpass $ 60 billion in the current financial year. India is the UAE’s top trading partner for non-oil exports, accounting for nearly 14 % of the Emirate’s non-oil exports. The recently signed India-UAE CEPA will pave way for enhanced exports growth to the region. Coimbatore, apart from textiles, exports air compressors, food products, and jewellery to Sharjah.