Rakia targets increased investment from Indian business sector

The seminar, organised in association with the Indian Business & Professional Council (IBPC), Sharjah and Morison Menon Chartered Accountants, at the Radisson SAS Resort in Sharjah, was specifically aimed at attracting investments from Indian investors.

The 'Business Leaders and CEO's Meet' underlined the host of strategic advantages that Ras Al Khaimah offers to the investors, including excellent infrastructure and logistics, proximity to global markets, business friendly policies, and lower cost of operations.

The seminar kicked off with an address by K.V. Shamsudheen, Vice Chairman of the Indian Business & Professional Council, who highlighted the role played by the Council in bringing together Indian businessmen and professionals with an aim of facilitating entrepreneurial activities across the UAE. He also emphasised on the need to work closely with Rakia to further enhance the contribution of the Indian business community in the emirate of Ras Al Khaimah.

Commenting on the seminar, Dr. Khater Massaad, CEO of Rakia, said,

"India and the UAE share a long history of bilateral trade relations, and the two countries have a lot in common in terms of traditions and values. Indian businesses are also playing a pivotal role in Ras Al Khaimah, with around 30 % of the investments in Rakia free zone and industrial zone coming from India through different manufacturing sectors. A specialised seminar like this serves as the perfect platform to highlight various investment avenues in Ras Al Khaimah, an emirate that has been witnessing remarkable growth in recent years, and in the process attracting major foreign investment."

Indo-UAE trade is today valued at over $18bn, with the UAE emerging as the second largest market globally for Indian products. Indian exports to the UAE in 2006-07 stood at $10.67bn, while UAE's exports to India during the same period reached $7.5bn.

Rakia recently established an 'Indian International Club' in Ras Al Khaimah for the benefit of Indian investors setting up operations in the emirate. The Investment Authority is also finalising plans to set up a gold souk and a Diamond Park to attract investments from Indian businessmen in the area of gold and diamond jewellery trading.

During the seminar, Raman Iyer, General Manager and Technical Director, Rakia, gave a detailed presentation that provided a comprehensive overview of Ras Al Khaimah's infrastructure facilities; its favourable investment climate; the various regulatory and fiscal benefits that businesses in the emirate can enjoy; the cost advantages offered by Ras Al Khaimah compared to other global destinations; and the potential investment opportunities in the emirate. He also acted as the moderator for the question and answer session at the end of the seminar.

The seminar also saw Peter-Michael Schuster, General Manager of RAK Offshore, providing details about Rakia's newest entity - RAK Offshore, which is a true offshore facility and regulatory body offering complete offshore non-resident business registration and financial services. Other speakers at the event included Raju Menon, Managing Partner, Morison Menon Chartered Accountants; and S. Nandi, Joint Managing Director, Future Vision Steel Consulting LLC.

Rakia is at the forefront of the Ras Al Khaimah Government's initiatives to diversify the economy, and is responsible for promoting the development of the Industrial Zone and the Free Zone in Al Hamra, and the Industrial Park in Al Ghayl. Since its inception two years ago, the Investment Authority has successfully attracted almost $2.0bn worth of investments from all over the world, across a broad range of industrial sectors.

During the first three quarters of 2007, the Authority registered a 200% growth in the number of companies registered, to take the total number of firms to more than 1000, - making Rakia one of the fastest growing Freezone \ Industrial zone organization in the MENA region. In the third quarter of 2007, Rakia has attracted 217 additional companies to Ras Al Khaimah, representing an increase of 23% over the previous quarter.