Ludhiana (Punjab) [India], October 16 (ANI): Under the recently-signed Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE), more than 120 businessmen from Ludhiana showed interest in starting a business in the Gulf nation.
Industrialists of Ludhiana and the officials of the Hamriyah Free Zone had an interactive roadshow-- Unlocking Business Opportunities in UAE through Hamriyah Free Zone -- organised under the aegis of the apex industry body, The Associated Chamber of Commerce and Industries of India (Assocham).
Some of the companies supporting this interaction were from Knitwear and Textile Club; Chamber of IndustrialCommercial Undertakings (CICU); the Ludhiana Management Association; World Sikh Chamber of Commerce (WSCC)and Indian Chamber of International Business.
CEPA is a major trade agreement set to transform bilateral economic, trade and investment ties and propel economic growth between India and UAE. Under the CEPA, both countries expect to boost bilateral trade from $60 billion to $100 billion within the next five years.
The Government of Sharjah Hamriyah Free Zone Authority Commercial Manager Charles Daniel said, "Hamriyah Free Zone is a hub of trade from where not only UAE, but all over the world can be reached for business and Sharjah is today an emerging trading hub that offers unique logistical advantages via superb land, sea and air links and the business community from Ludhiana can benefit by doing business from the Hamriyah Free Zone," and added that nearly 40 per cent of their investors in Hamriyah Free Zone are from India.
The statement from Assocham and Ludhiana companies said that Hamriyah Free Zone offers zero tax, 100 per cent ownership, preferential customs duty rates, and 100 per cent import-and-export tax exemption.
Geomon George, Head of Business Development, Hamriyah Free Zone, highlighted that establishing a business entity in Hamriyah Free Zone can be extremely attractive for Indian companies. Ludhiana based industries can leverage the UAE, particularly Hamriyah Free Zone as a re-export base for Africa and Europe. By paying only Rs4 lakh, any company can open an independent office in the HamriyahFree Zone, which includes one year rent, electricity, water, all permissions and visa of six people.
Vijay Garg, Chairman, Punjab State Development Council, Assocham, and managing director, Vivachem, said that Hamriyah Free Zone was corporate tax- and income tax-free zone.
"More than 6,000 industries are already working in this zone. Through this session, entrepreneurs of Punjab will get an opportunity to understand the benefits of Free Trade Zones in UAE and connect with the whole world and do business," he said.
Charanjiv Singh, General Secretary, Knitwear and Textile Club, said that the UAE market had good demand for textiles products. The Indian textile and apparel industry is going to benefit through India-UAE CEPA. It is a matter of great pleasure that Assocham has organised an interactive session with Hamriyah Free Zone in Ludhiana.
Iqbal Cheema, Co-Chairman, Punjab State Development Council, Assocham, said, "This is the right time to set up your business abroad and it is very difficult to find the kind of facilities being provided in the Hamriyah Free zone anywhere else."The Hamriyah Free Zone is a free zone place in the city of Sharjah in the United Arab Emirates. Established by an Emiri decree in November 1995, the Free Zone is 24 sq km and has a 14 m deep port and 7 m deep inner harbour. (ANI)