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UAE gives business enterprise opportunity to Ludhiana entrepreneurs : The Tribune India

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Tribune Information Service&#13

Ludhiana, June 24

The Associated Chambers of Commerce and Field of India (ASSOCHAM) in association with Sharjah Airport Worldwide Absolutely free (SAIF) Zone, United Arab Emirates (UAE), organised an interactive session in Ludhiana to discuss the organization possibilities in the UAE for Indian enterprises and also the added benefits of setting up company in SAIF Zone.

The session, supported by Chamber of Industrial and Professional Undertakings and Knitwear and Textile Club, was attended by about 100 firms.

What is SAIF Zone

Sharjah Airport Global Free (SAIF) Zone also acknowledged as a trade zone is a geographical location in just just about every emirate. It exists as a outcome of mutual settlement between various nations to create a customs absolutely free zone in a selected area. No taxes or duties are levied in the zone to encourage trade.

The totally free trade arrangement signed concerning India and the UAE lessens import obligation on a bulk of products and solutions exported from India to the place and is witnessed to be helpful for textiles, prescription drugs, vehicles, engineering, apparels and agri products amongst other things.

Raed Al Bukhatir Director, SAIF Zone, reported, “Nearly 60 p.c of our traders in SAIF Zone are from India. Sharjah is the industrial backbone of the UAE and establishments in SAIF Zone get pleasure from several exemptions this kind of as zero tax, 100% ownership, preferential customs responsibility charges, and 100 per cent import-and-export tax exemption.”

He more added that SAIF Zone gives specific customized incentive offers for gals entrepreneurs, for setting up enterprise in SAIF Zone.

Vishnu Sunil, from SAIF Zone, claimed Ludhiana-based mostly industries can leverage the UAE, especially Sharjah SAIF Zone as a re-export foundation for Africa and Europe. By paying only Rs 2 lakh, any company can open up an workplace in the SAIF Zone, which contains a person 12 months lease, electrical power, h2o, all permissions and visa of 3 persons, he additional.

Vijay Garg, Chairman, Punjab Point out Development Council, ASSOCHAM, reported, “There is incredibly very little awareness in the country about the free of charge trade zones in the UAE, specifically between MSMEs. This is one of the causes why we have selected Ludhiana to host our function so that we can generate consciousness between the industrialists and also deliver support in direction of expanding organization on the world-wide level.”

Charanjiv Singh, basic secretary, Knitwear and Textile Club, stated the UAE market place has fantastic need for textiles solutions.

Upkar Singh Ahuja, president, Chamber of Industrial and Industrial Undertakings, claimed India’s bilateral trade with the UAE is envisioned to surpass $60 billion in the present-day money 12 months. India is the UAE’s amount one particular trading lover for non-oil exports, accounting for nearly 14 per cent of the Emirate’s non-oil exports.

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