RAK FTZ discusses economic cooperation with North Rhine-Westphalia

During the meeting, the two sides held wide- ranging discussions, which focused on expanding trade and investment cooperation. The discussions aimed at boosting business and investment relations between Ras Al Khaimah and Germany, and opening up new avenues of cooperation between the two sides.

The meeting also discussed the bilateral economic linkages between Ras Al Khaimah and Germany, and possibilities of working together as partners to make the arrangements and initiate incentives to attract more capital according to the business opportunities the RAK FTZ can make possible for the German investors.

Sheikh Faisal said that "The bilateral relationships between Germany and Ras Al Khaimah have been expanding rapidly through increased trade, tourism and investment flows."

He highlighted the importance of Germany as a prominent European country with which Ras Al Khaimah Free Zone is keen to share very warm bilateral relationship characterized by strong government-to-government cooperation and highly productive business ties developed between the business communities of the two regions. "We are keen to redouble our efforts to tap the full potential of the two fast- growing economies and increase the trade volume between Germany and Ras Al Khaimah Free Zone, provided that the European companies including the ones from Germany reached 31% of the total registered companies in the RAK FTZ," he said.

Outlining the current developmental initiatives in RAK FTZ, Sheikh Faisal said that the zone has embarked on a comprehensive infrastructural development plan, which enabled the RAK FTZ to attain rapid and sustainable growth in all sectors.

"The zone's infrastructural development plan which has taken care to put in place a pro- business environment and to remove all impediments that might create hassles for entrepreneurs while establishing industrial businesses in Ras Al Khaimah Free Zone, has been an effective tool in attracting small to medium-size enterprises," he added.

Sheikh Faisal highlighted the importance of the zone's liaison office in Germany, in the city of Cologne. He said that this office has been playing a fundamental role in attracting German and European businesses to base their regional operations at the RAK FTZ. He added that the office also introduces the potential investors to the business opportunities available at the RAK FTZ and the zone's state of the art facilities.

Dr. Jens Baganz took a tour in sightseeing location in Ras Al Khaimah & paid a field visit to the venues of the registered companies at the Technology Park and also visited the Business Centre where he was introduced to the key infrastructural projects the RAK FTZ has been implementing to upgrade its services and the zone's world class facilities offered to its registered clients.

Dr. Baganz highlighted the rapid development of the infrastructure of the RAK FTZ, which has attracted different sizes of industrial and commercial businesses from around the globe. He added that the marketing strategies the RAK FTZ adopts in the German and European markets in general have also been very effective in attracting businesses to the zone. He expressed hope to boost commercial and business ties with the RAK FTZ in years to come.