United Arab Emirates-based Hamriyah Free Zone (HFZ) on Thursday sought investment from Uttar Pradesh assuring world-class amenities and offering business opportunities in the Arab and African region.
HFZ comprises seven zones viz. oil and gas, construction, petrochemical, maritime, timber, perfume and steel. It has evolved into a model of sustainable development by attracting over 5,000 investors from across the globe in the past 15 years, of which 25 per cent were from India.
Stressing that North India, especially UP, had great business potential, HFZ Authority, Sharjah director of commercial affairs Saud Al Mazrouee invited industrialists and investors to invest in Hamriyah. He was speaking at an interactive session organised by the Confederation of Indian Industry (CII) here.
He said in the latter half of 2011, about 190 Indian companies out of the total around 500 had started their operations in HFZ, which was strategically located connecting three continents.
He informed HFZ investors engaged in import-export of commodities had easy access to three seaports and ‘Sharjah Link’, which was a trade corridor giving a unique logistical advantage, straddling the Arabian Gulf and the Indian Ocean.
Hamriyah Port is attached to the free zone and two major seaports Khalid Port and Khorfakkan Port were also in the vicinity. Sharjah International Airport, the regional hub for air cargo operators, is some distance from the free zone.
Hamriyah also has a special Micro Business Zone (MBZ) for service, manufacturing and trading segments. MBZ offers micro business owners two month rent holiday, long-term leases and flexible payment schemes. Beside, zero taxation, full ownership and exemption from commercial levies are also on offer.
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CII state council chairman Alok Saxena said India was expected to grow 7-8 per cent in long term and its need for trade partnership would continue to rise. “UAE will play an important role in this growth process as one of the largest trading partners.”
He said CII favoured foreign delegations so that the industry was exposed to opportunities overseas for forging business linkages.