Under the recently signed ‘Comprehensive Economic Partnership Agreement’ between India and the United Arab Emirates (UAE)’, it has been agreed to reduce or eliminate import duty on most of the goods being exported from India to the UAE. In line with this, an Interactive Session was organized in Jaipur on “Unlocking Business Opportunities in UAE through Hamriyah Free Zone” to promote exports from Rajasthan to UAE. The aim was to provide information about the Free Trade Agreement to the industries and to discuss its nuances. Organized under the aegis of The Associated Chamber of Commerce and Industries of India (ASSOCHAM), the session was supported by Rajasthan Small Industries Corporation Ltd.; Gem & Jewellery Export Promotion Council; Federation of Rajasthan Trade and Industry; Federation of Rajasthan Exporters; The Employers’ Association of Rajasthan and Garment Exporters Association of Rajasthan and ASSOCHAM GEM Green Building Certification Program.
The event was attended by more than 150 businessmen from the state, who expressed their interest in starting a business in the UAE. On this occasion, officials of the Hamriyah Free Zone made a presentation on advantages of setting up business in the Hamriyah Free Zone.
Mr. Ali Saeed Al Jarwan, Deputy Executive Director, Commercial Affairs, Hamriyah Free Zone Authority, Govt. of Sharjah, UAE, said in the session that “Hamriyah Free Zone” is a hub of trade from where not only UAE, but all over the world can be reached for business. Sharjah is today an emerging trading hub that offers unique logistical advantage via superb land, sea and air links and business community from Jaipur can benefit by doing business from the Hamriyah Free Zone. “Nearly 40 percent of our investors in Hamriyah Free Zone are from India,” he said.
Mr. Ali noted while addressing the session, “Sharjah is the industrial backbone of the UAE and establishments in Hamriyah Free Zone enjoy many exemptions.” It is to be noted that Hamriyah Free Zone offers zero tax, 100% ownership, preferential customs duty rates, and 100% import-and-export tax exemption.
Mr. Tushar Sogani, Vice Chairman, Rajasthan State Development Council, ASSOCHAM in his welcome address said that Hamriyah Free Zone is Corporate Tax and Income Tax Free Zone. More than 6000 industries are already working in this zone. Through this session, traders of Rajasthan will get an opportunity to go to the UAE and connect with the whole world and do business.
Chairman, Rajasthan Small Industries Development Corporation and President of Federation of Rajasthan Exporters, Rajiv Arora, said that it is a matter of great pleasure that ASSOCHAM has organized an interactive session with Hamriyah Free Zone in Jaipur. He further said that if a company which does manufacturing in India and if it wants global presence and wants to distribute its products all over the world, then via UAE can go to Europe.
On this occasion, Executive President of Federation of Rajasthan Trade and Industry (FORTI), Mr. Arun Agarwal; and President of The Employers’ Association of Rajasthan, Mr. N.K. Jain also addressed the gathering. The Chairman of ASSOCHAM RSDC Committee on Skills, Mr. Himmat Singh proposed a vote of thanks. During the session, Hamriyah Free Zone Corporate video presentation as well as experiences of existing investors of Hamriyah Free Zone were also shared.
About Sharjah Airport International Free Zone:
The Hamriyah Free Zone, established in 1995 is the Government of Sharjah’s flagship free zone and one of the oldest in UAE with most developed infrastructure. It is fast becoming one of the cornerstones of the United Arab Emirates industrial development. Hamriyah Free Zone provide competitive incentives and unique opportunities to establish a business in a tax-free environment, full company ownership, exemptions from all commercial levies and repatriation of capital and profits. Hamriyah Free Zone’s customer base is among the largest in the world from one central hub, with access to more than 2 billion people within a four-hour flight and as one of the most dynamic Emirates in the UAE, Sharjah accounts for over a third of the country’s industrial activity. At present, there are 6000 companies from all over the world in Hamriyah Free Zone, out of which 30% are Indian companies.