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Sharjah's SAIF Zone invites Indian firms

Syed Amin Jafri in Hyderabad

After Dubai, it is the turn of the Emirate of Sharjah to woo Indian businessmen and entrepreneurs to explore new business opportunities in the Gulf state.

A business delegation from Sharjah Airport International Free Zone (SAIF Zone) made an impressive presentation before 200 business leaders and representatives of Indian companies from industry, trade, service and other sectors on Thursday and invited them to set up their base in SAIF Zone.

Delegation leader Saqar Bin Rashed Bin Hameed Al-Qassemi, deputy director general of SAIF Zone, told the meeting that the zone was offering world-class infrastructure and other facilities to Indian business and industry for exploring tremendous opportunities that exist in the Gulf and Middle East markets.

"With no corporate or personal tax, and no export and import duties, the SAIF Zone allows 100 per cent foreign ownership and repatriation of profits and capital without any currency restrictions," Al-Qassemi pointed out.

The business meeting was organised by the Confederation of Indian Industry. Apart from Hyderabad, the delegation would also visit Chennai, Coimbatore and Kochi and organize meetings with the businessmen there over the next few days.

Recalling the historic trade relations between India and the United Arab Emirates, Al-Qassemi said that the Emirate of Sharjah was inviting Indian businessmen and investors to further explore new opportunities of doing business by setting up base in the SAIF Zone.

"Sharjah is the gateway between the East and West at a very strategic location," he said.

Describing India as a key market for the free zone, he said that 48 per cent of the companies in the zone were from India. The free zone registered a growth of 30 per cent and the number of companies in the free zone had gone up from 650 in 2001 to 818 companies now.

Exports by Indian companies during 2001-02 through UAE as a hub were worth $2.5 billion, which was 5.7 per cent of India's total exports during the year, Ashok Verma, commercial director SAIF Zone pointed out.

Hyderabad already has sizeable presence in the SAIF Zone with 60 companies from the city setting up their base in the Zone. Usha Kiron Movies of Eenadu Group was one of them. "We are trying to further expand this relationship," he explained. The prominent Indian companies in the Zone include Godrej, Zee Telefilms, Infosys, Ashok Leyland, Rasna and India Today Group.

Answering queries on competition from Jebel Ali Free Zone and other Dubai-based companies, Al-Qassemi said that such friendly competition was meant to further develop and improve the UAE economy. To another question, he said that Sharjah would also explore investment opportunities in Hyderabad.

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