India second largest business partner of UAE: Free zone official

Trade ties between United Arab Emirates and India continued even during economic downtrend, a top official of UAE's Hamriyah Free Zone Authority (HFZA) said today.

India in general was the second largest partner of UAE in business after the US and over 15,000 Indian companies were
operating in the region out of which 400 were in the zone,
HFZA director general Dr Rashid AI Leem said here.

Speaking at a seminar on 'business between India and IAE in the present economic scenario' organised by the Kerala Chamber of Commerce and Industry, he said 'there is historical relationship (between UAE and India) that  you cannot deny... We have been dealing with each other for centuries now even during tough time.'

He said HFZA, housing over 4,700 companies from 135 countries, offered an array of business incentives including 100% ownership, full repatriation of capital and profits and nil taxes or commercial levies to encourage businesses develop further.

The 15-year old free zone continued to evolve with an average annual growth rate of 33 per cent, he said adding it had formulated policies and designed special programme to strengthen the SME sector.

He said there were 500 SMEs in the free zone out of which 90 were Indian companies.

K M Abdulla, chairman, Kerala chamber of Commerce and Industry, said a delegation from Srilanka would visit Kochi on
April 26 to discuss business opportunities.