The seminar aimed to provide Coimbatore businesses with an opportunity to connect to the global market through Sharjah Airport International Free (SAIF) Zone, with special incentives for women entrepreneurs.
Coimbatore: Under the recently-signed 'Comprehensive Economic Partnership Agreement' between India and the United Arab Emirates (UAE), it has been agreed to reduce or eliminate import duty on most of the goods being exported from India to the UAE.
In line with this, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with the Coimbatore District Small Industries Association (CODISSIA) and in association with “Sharjah Airport International Free (SAIF) Zone, Govt. of Sharjah, UAE” organized an interactive session on Thursday, August 25 at Hotel Radisson Blu in Coimbatore to discuss the business opportunities in UAE for Indian enterprises and also the benefits of setting up business in SAIF Zone.
H E Raed Bukhatir, Director – Marketing and Business Relations, SAIF Zone, Govt. of Sharjah, UAE provided a brief overview of how Sharjah is today an emerging trading hub that offers unique logistical advantage via superb land, sea and air links."The business community from Coimbatore can benefit by doing business from the SAIF Zone. Nearly 60 percent of our investors in SAIF Zone are from India,” he added.
“Sharjah is the industrial backbone of the UAE and establishments in SAIF Zone enjoy many exemptions," highlighted Bukhatir. It is to be noted that SAIF Zone offers zero tax, 100% ownership, preferential customs duty rates, and 100% import-and-export tax exemption. He further added that SAIF Zone offers special customized incentive packages for women entrepreneurs, for setting up business in SAIF Zone.
Explaining the concept of Free Trade Zones in the UAE, Anoop Warrier from SAIF Zone, highlighted that establishing a business entity in SAIF Zone can be extremely attractive for Indian companies. "Coimbatore-based industries can leverage the UAE, particularly Sharjah SAIF Zone as a re-export base for Africa and Europe. By paying less than 3 lakh Indian Rupees, any company can open an office in the SAIF zone, which includes one year rent, electricity, water, all permissions and a quota for 3 residence visas," stated Warrier.
V Thirugnanam, President, The Coimbatore District Small Industries Association (CODISSIA), reflected that India’s bilateral trade with the UAE is expected to surpass $ 60 billion in the current financial year. "India is UAE’s number one trading partner for non-oil exports, accounting for nearly 14 percent of the Emirate’s non-oil exports and the recently- signed India-UAE CEPA will pave way for enhanced exports growth to the WANA region. Coimbatore, apart from textiles, exports air compressors, food products and jewellery to Sharjah.
It remained one of the destinations and trading partners of Sharjah economy. In an effort to strengthen the economic relationship between Sharjah and Coimbatore, business teams from the SAIF Zone should visit Coimbatore and teams from here should visit Sharjah," reiterated V Thirugnanam.
K S Ravichandran, Managing Partner, KSR & Co. and ASSOCHAM Southern Chair, Corporate Law said that the recently-signed CEPA with the United Arab Emirates will reduce import duties on most Indian exports to the country.
"The agreement will boost the country's export trade in several sectors including Gems and Jewellery, Textiles, Leather, Footwear, Sporting goods, Engineering goods and Pharmaceuticals. Apart from opening up trade and investment avenues between the UAE and India, the Free Trade Agreement will also provide an opportunity for Indian companies to make UAE a gateway for their products and services to West Asia, Africa and Europe.
We hope that this seminar will help in creating awareness and knowledge amongst the entrepreneurs and businessmen, which will boost the industry and trade of Coimbatore and will prove to be a milestone in the industrial development of Coimbatore," stated K S Ravichandran.
Umaa Nair, Regional Director, ASSOCHAM Southern Region, the organizing body of the event said, “It has been observed that there is very less awareness surrounding the Free Trade Agreement between the UAE and India in Tier 2 cities. This is one of the reasons why we have chosen Coimbatore to host our event so that we can increase the awareness among the industrialists and render all the help to set up their business on the global level.
From India and especially from Coimbatore, Textiles, jewellery and Food products are the main sectors that export to the UAE. We want such industries to Export to UAE through SAIF Zone and grow their businesses."
The seminar focused on business and investment opportunities in UAE. The audience was also informed about the benefits of a Tax-Free Zone in the UAE. Apart from this, the information about the FDI rules present in UAE was also presented to the businessmen and industrialists present and all the information regarding setting up their office in UAE was made available.