The Hamriyah Free Zone Authority (HFZA), organised a seminar in New Delhi for potential investors from different sectors in India, to promote investment opportunities in the Emirate of Sharjah, in particularly at the free zone.
Saud Salim Al Mazrouei, Director of HFZA and Sharjah Airport International Free Zone (SAIF Zone), and Rohit Sanga, Managing Partner of India Events, hosted the seminar.
"India is a key market for the Hamriyah free zone. Currently, a number of Indian companies are expanding into the region to ensure their presence in the Middle East," said Al Mazrouei, who led the delegation to India.
The team will also organise seminars in the Indian cities of Ahmedabad and Mumbai.
Sharjah has become a global transit point and gateway to Africa, India, and other parts of Asia, and the Hamriyah free zone is keen to expand its operations. According to figures, Indians have invested nearly US$50 billion in businesses in the UAE. Of the 15,000 companies which operate out of the Sharjah free zones, about 7,000 are owned and controlled by Indian investors. India's foreign direct investment statistics in Sharjah are staggeringly high, Al Mazrouei pointed out during the seminar.
In addition, 46 percent of the UAE's small and medium enterprises are based out of Sharjah due to its ports, robust infrastructural support, considerably lower establishment costs and minimal regulatory hassles, he added.
"The free zone offers businesses 100 percent ownership along with a world-class infrastructure. Some of the other benefits include 100 percent import and export tax exemption, 100 percent exemption from all commercial levies and 100 percent repatriation of capital and profits allowed," Al Mazrouei said, while speaking about some of the facilities and services provided by the HFZA.
There is a nominal fee to register an office in the Hamriyah free zone and minimal paperwork for company registration. The free zone, which is close to a major seaport, also offers ready-to-move-in offices and warehouses on lease and multiple visas for company employees.
The free zone manages an area of approximately 22 million square metres of prime industrial and commercial land and a 14-metre deep-water port, which includes room for expansion.
"Sharjah plays an important role as the pre-eminent industrial base of the UAE, with its unique strategic location between three continents, serving a growing market of two billion people. The emirate also has a well-developed infrastructure, geared to industry and trade at all levels to serve the Gulf, regional and international markets. With 2.6 million Indians in the UAE, of which approximately 300,000 are business owners, the numbers only increase due to the bonds of trust and mutual co-operation between the UAE and India," Al Mazrouei said in conclusion.