'SAIF Zone can be the launching pad for Indian businesses'

For Indian businesses looking at the markets in the Middle East, North Africa, Central Asia and the Indian Ocean RIM Countries, Sharjah Airport International Free Zone (SAIF Zone) could be launching pad, said, H E Sheikh Saqer R Al Qassemi, Deputy Director General, SAIF Zone.

Addressing the seminar on "Business Opportunities in Sharjah Airport International Free Zone" organised by the Confederation of Indian Industry (CII),Qassemi invited Indian companies to set up enterprises in the SAIF Zone.

Qassemi said that the SAIF Zone offers world-class infrastructure facilities for setting up industries, service and trading enterprises. Of the 1,742 licenses issued so far, 462 were for the services and 242 for the industrial sector, he said.

Started in the year 1995 with 55 enterprises, today the SAIF Zone houses 1,612 companies from 62 different countries. Indian firms constitute 48 per cent of the total industries in SAIF Zone.

In the industrial sector, license is being issued for setting up manufacturing, processing, assembling and packaging of products. In the service category, licenses are given for businesses such as information system services, business consulting, legal and financial services.

Some of the incentives offered to investors at SAIF Zone included 100 per cent foreign ownership, 100 per cent repatriation of capital and profits, 100 per cent exemption from income and corporate taxes, 24 hours licensing; On-site labour accommodation, sponsorship and visas for all employees amongst others.

SAIF Zone enjoys an access to nearby Sharjah International Airport, the busiest air cargo hub in the Middle East and North Africa. It also has access to excellent maritime cargo facilities at Port Khor Fakkan, Port Khalid and Hamriyah Port in Sharjah.

It is has an advantage on sea and rail and a time zone advantage for transshipments between the Straits of Hormuz and the Gulf of Oman are a special advantage for businesses wishing to reach out to the vastly profitable markets of the Middle East, North Africa, Central Asia and Indian Ocean rim.

R Ramamurthy, member, exports and international sub-committee, CII (southern region) in his address said that the industries in Tamil Nadu, especially in the services sector should explore the huge business opportunity in the areas such as information technology, business process outsourcing, banking and financial services from industries in SAIF Zone.

UAE is the largest market for Indian exports in the Middle East region. India's exports to UAE during 2003-04 was $ 5 billion representing 8 per cent of India's total exports, a growth of 53 per cent over the previous year.

Major items exported from India included gems and jewellery, RMG cotton including accessories, man-made yarn, fabrics and madeups, metals, machinery and equipment.