Indian Chamber of Commerce hosts an Interactive session with UAQ FTZ, UAE

7 min read
Indian Chamber of Commerce hosts an Interactive session with UAQ FTZ, UAE
Indian Chamber of Commerce hosts an Interactive session with UAQ FTZ, UAE

Indian Chamber of Commerce hosts an Interactive session with UAQ FTZ, UAEKolkata, 08, July 2023: The Indian Chamber of Commerce (ICC) hosted an interactive session on funding alternatives in UAE with UAQ FTZ, UAE, on the Taj Bengal resort within the metropolis on Friday, 7th July 2023. The dialogue centred on enterprise networking alternatives, funding alternatives for Indian firms within the UAE, how you can arrange a enterprise in a free commerce zone and get a license from UAQ FTZ, gateways for items and providers all over the world, and funding incentives with 100% overseas possession, repatriation of capital, and no sectoral restrictions. The session was attended by eminent personalities resembling Mr. Johnson M George, General Manager, UAQ FTZ, Government of Umm Al Quwain, Mr. Tarun Sharma, Business Development Officer, Indian Subcontinent, Government of Umm Al Quwain, Mr. Sanjay Budhia, Managing Director, Patton International Ltd. & Past President Indian Chamber of Commerce and Mr. Sudip Datta, Partner EY, Chairman Infrastructure National Committee ICC.

Delivering the welcome deal with Mr Sanjay Budhia, Managing Director, Patton International Ltd. & Past President of Indian Chamber of Commerce stated “I’m genuinely amazed and appreciative of each one of you for defying the foundations and participating on this initiative in such giant numbers, which demonstrates your collective enthusiasm for it. Welcome to this interactive session on funding prospects within the United Arab Emirates with Umm Al Quwain Free Trade Zone (UMQ FTZ). It is a pleasure to have Mr. Johnson George and Mr. Tarun Sharma is right here with us. They are visiting Kolkata for the primary time, and since this area of jap India is full of promise and alternatives, it’s wonderful that they began off right here. We all know that India and the UAE have diplomatic ties courting again to 1972. India and the UAE have maintained sturdy and steady diplomatic and enterprise ties ever since. Indian and UAE commerce within the Nineteen Seventies was estimated to be price USD 185 million yearly. As of the conclusion of the fiscal 12 months 2022–2023, there will likely be 85 billion US {dollars}. India is at present the second-largest buying and selling accomplice for the UAE, and the UAE has moved up the ranks to change into India’s third-largest buying and selling accomplice and seventh-largest investor. 3.35 billion {dollars}, or thrice as a lot as 1.03 billion {dollars} in 2021–2022, will likely be invested instantly by the UAE in India. You are all conscious that the conclusion of the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates is anticipated to safe bilateral commerce and funding in addition to enhance India’s exports to the UAE throughout a spread of sectors, together with gems and jewelry, textiles, leather-based, sporting items, prescription drugs, and far more. Additionally, this deal would supply Indian companies the prospect to acquire entry to the UAE gateway for exporting their items to West Asia, Europe, and Africa. In this context, I’d like to debate West Bengal, our state. Numerous important enterprises are positioned in our state, which additionally profit from an abundance of pure mineral sources and beneficial weather conditions. It can also be India’s high grower of rice and the nation’s second-largest producer of tea. In the fiscal years 2022–2023, this state exported a complete of $12.74 billion. West Bengal is a big area that’s dwelling to greater than 500 MDs and exports 50% of India’s leather-based items. Furthermore, the state has a profitable monitor report within the progress of MSMEs, significantly handlooms and handicrafts, which is crucial for creating jobs for the state. Finally, West Bengal has an extended and storied legacy of gold jewelry workmanship that’s famend across the globe. Therefore, there’s a nice likelihood for enterprises in India, particularly these in West Bengal, to contemplate their options, put money into the UAQ FTZ, and uncover this wonderful location, which provides a safe surroundings through which to broaden their operations.”

While addressing, Mr. Johnson M George, General Manager, UAQ FTZ, Government of Umm Al Quwain, stated, “Seeing so many folks makes me very happy. I’m certain many of you right here journey to the United Arab Emirates regularly, and as Indians, the UAE holds a particular place in our hearts. Umm, Al Quwain is one of the seven states that make up the UAE, subsequently I don’t consider I have to say a lot concerning the venue. The worldwide airports of Dubai and Sharjah are very close to to the place we’re from within the nation’s north. We are a typical Umm Al Quwain Emirate licensing alliance with important logistical advantages. As we put it, that is the start of relocation and progress. We present you possibilities for startups, so chances are you’ll come and set up enterprises there. Anyone concerned with transferring and rising their enterprise ought to take into account working with us.”

While delivering the presentation, Mr. Tarun Sharma, Business Development Officer, Indian Subcontinent, Government of Umm Al Quwain, stated, “We are Umm Al Quwain’s India consultant, and we take care of all of the wants to your firm’s institution. I’ll provide you with a little bit historical past of Umm Al Quwain. We have a reasonably stable authorities with clear legal guidelines and pointers. UAE has the strongest financial system on the earth and is ranked twentieth in phrases of free markets. According to the Indian Embassy, who’re fairly vigilant in defending and selling buyers, we now have property totaling near 85 billion {dollars}. It is the fastest-growing market if you’re headquartered within the UAE. For overseas buyers, our authorized system is open and clear. UAE is ranked primary for highway high quality, quantity twelve for logistical benefit, and quantity twenty on the worldwide well being innovation index. Either within the free zone or on the mainland, companies may be constructed. On the mainland, you have to kind a enterprise partnership with an area Emirati, who may have 51% of the corporate’s shares, versus the free zone, the place you’ll maintain all of the shares. The GDP will likely be contributed to by 45 FTZ authorities, of which solely 5 are generic, and we’re one of these generic authorities. Our place is within the north of the United Arab Emirates; it takes us solely half-hour to get to Dubai International Airport and 20 minutes to get to Sharjah International Airport by automobile. Modern infrastructure could also be discovered at Umm Al Quwain, which is sort of superior. In 1987, we had been based underneath the identify Rulers Highness, and in 2014, we reestablished ourselves underneath the identify Umm Al Quwain. A company could also be established in a single or two days because of our fast and simple registration course of. We present 2 billion customers with entry to cutting-edge workplace area. In Umm Al Quwain, the utmost quantity of stockholders is 50, in comparison with 5–6 on the mainland. Our startup price is 1,80,000 INR. Air, water, and land are all succesful of reaching our place. We have easy entry to the markets in a number of nations. We have three mega roads that hyperlink to the entire UAE: F11, E311, and E611. Our financial system is interwoven right into a cluster. We function very like an ecosystem: folks might reside, work, and play right here, and so they can lease land for a 25-year time period with the choice of an extension. Water and energy are additionally available, and we offer workplace area that is able to transfer into and begins at 90 sq. toes. Our nation has a thriving schooling business, and a number of other Indian and overseas universities have made investments. We present a spread of firm permits, together with industrial permits, service permits, marketing consultant permits, and plenty of extra. Several licence options with easy paperwork are additionally obtainable. You might launch your enterprise for 1,84,000 INR with out a visa, however it is going to value you 3,00,000 INR to take action with a visa, which covers registration. Along with the bundle, we’ll present you entry to co-working area, a licence, and 50 stakeholders. Your visa should be renewed each two years. In Umm Al Quwain, in comparison with different emirates, it’s fairly reasonably priced, and we’ve an awesome vacationer entrance. We have about 10,000 companies in numerous enterprise classes registered with us. If you base your self in Umm Al Quwain for exporting, it necessitates much less duties and supplies the prospect to export globally. It is sort of easy to include a enterprise: select a business identify and exercise, submit the incorporation kind, pay, and insure the licence inside one or two working days. Umm, Al Quwain makes it comparatively easy to determine a enterprise.”

 While delivering the vote of thanks, Mr. Sudip Datta Partner EY, Chairman of Infrastructure National Committee Indian Chamber of Commerce, stated, ” I need to admit that the proposal was fairly properly organized and thought out. It was fascinating to see how the UAE has set so many tax breaks and provides a very good normal of dwelling. I used to be extremely enlightened to be taught concerning the UAQ FTZ’s organizational construction and prime location. Because the UAE has a steady administration and is probably going the one nation the place an plane might take as much as 8 hours to journey, doing enterprise with them will likely be fairly straightforward. Additionally, the UAE authorities provides a high-quality dwelling, which will likely be extraordinarily essential to acquire. They additionally present rather a lot of tax advantages and bodily advantages, in addition to entry to worldwide markets like these in Asia, Europe, Africa, and others. All issues thought-about, it’s an intriguing proposal, and the Indian Chamber of Commerce will likely be happy to work with the FTZ. India and the UAE have maintained a long-standing and shut bilateral relationship that they’ve been having fun with. This is because of interpersonal ties and the truth that India is now the UAE’s high export market.”

Mansi Praharaj

About Author