Ras Al-Khaimah Free Trade Zone invites Indian investment

During the visit, the delegation held a two day seminar to at Indian Merchants' Chamber, meeting Indian businessmen and prospective investors persuading them to invest in the free zone.

Sudhir Gupta, Industrial Development Advisor, RAK FTZ, explained the benefits of setting up a base at RAK FTZ and said: "there are many Special Economic Zones (SEZs) coming up in Maharashtra and Gujarat, however, the Indian SEZs and RAK's FTZ can beneficially play a complementary role. Because, some things are better done in India, and others have a greater advantage in RAK FTZ in the interest of concerned business entities."

Besides Gupta, the RAK FTZA delegation included Binu Pisharady, the Zone's Resident Manager in India. Felicitating the delegation members, Mark Fernandes, Chairman, Shipping & Aviation Committee, IMC said that he visited RAK FTZ and its facilities at RAK in December, 2005 and found them having an excellent, entrepreneur friendly industrial and business environment.

"The Gulf region has emerged as the second largest trading partner of India. India's relations with all countries in the Gulf region have been cordial, substantial and mutually beneficial. Given India's geographical proximity, cultural affinity and economic complementarities with Gulf countries, India's multifaceted relations with those have continued to flourish. The annual bilateral trade turnover was in excess of $10 billion," he said.

Sudhir Gupta said that more than 1500 companies from 70 different countries had set up bases at the Zone, and about 35 per cent of these were by Indian businessmen. RAK FTZ had simple and fast application procedures, and offered industrial sites and premises on a long-term renewable basis.

"The RAK permits investors to set up units with 100% ownership, with no condition to have any local partner. It also permits the foreign investors full repatriation of capital and profits, does not levy either income tax or corporate tax. There is also no currency restrictions, and has transparent laws and regulations," he said.

"One of the excellent benefits that the investors in RAK FTZ get is the After Sales services that offer them stress-free environment and help them focus on their business," Binu Pisharady said.

He added that RAK FTZ is the youngest of the UAE's 17 Free Trade Zones and it offers excellent logistical investment opportunities for the manufacturing services, tourism, construction, chemicals & pharmaceuticals, glass & ceramics units.