Trade ties between India and the United Arab Emirates (UAE) continued even during the economic downtrend, a top official of the UAE's Hamriyah Free Zone Authority (HFZA) said here today.
India in general was the second-largest business partner of the Emirates after the US. Over 15,000 Indian companies are operating in the region out of which 400 are in the free zone, HFZA Director General Rashid Al Leem said here.
Speaking at a seminar on 'Business between India and UAE in the present economic scenario' organised by the Kerala Chamber of Commerce and Industry he said, "There is historical relationship between the UAE and India that you cannot deny... We have been dealing with each other for centuries now even during tough times."
He said HFZA, housing over 4,700 companies from 135 countries, offered an array of business incentives including 100 per cent ownership, full repatriation of capital and profits and nil taxes or commercial levies to encourage businesses develop further.
The 15-year-old free zone continued to evolve with an average annual growth rate of 33 per cent, he said, adding it formulated policies and designed special programme to strengthen the SME sector. He said there are 500 SMEs in the free zone out of which 90 are Indian companies.
