A delegation from Sharjah Airport International Free Zone Authority (SAIFZONE) successfully highligh-ted Sharjah as an appealing investment destination in eight Indian cities with road shows and business forums.
The road show, which was conduc-ted in Kochi, Chennai, Coimbatore and Bangalore in
September 2015, was in association with the Confederation of Indian Industry (CII) and the Federation of Indian Export Organization (FIEO). In Mumbai, Ahmedabad, Baroda and Surat, the team participated in an international business forum entitled 'Taking Business Globally'.
"The overall response was overw-helming and positive. We expect a good number of entrepreneurs and investors to turn to SAIFZONE in the near future, especially for warehouses and plots of land," said Saud Salim Al Mazrouei, Director of SAIFZONE. "Nearly 50 percent of our investors are from India," he added.
"Sharjah is the industrial backbone of the UAE and establishments in SAIFZONE enjoy exemptions from import and export duties, income and corporate taxes in addition to the free repatriation of capital," Al Mazrouei noted while addressing the business forum in Mumbai.
"In addition, the Sharjah government subsidizes 70 percent of the utility costs, including any water and electricity consumed in the free zones. SAIFZONE's manufacturing sector also offers good collaboration opportunities for Indian traders and service providers seeking opportunities in the Middle East market," he added. Established in 1995, the Free Zone now houses about 7,000 businesses from 160 countries. These include some of the world's leading logistics and light manufacturing companies.
In 2014, two leading credit rating agencies, Moody's and Standard & Poor's, accorded Sharjah sovereign credit ratings of A-3 and A with stable outlook. Those ratings compare favorably with many other emerging markets with strong economic fundamentals, underlining Sharjah's position as an appealing destination for foreign investment.
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