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 to discuss the business opportunities in UAE for Indian enterprises and also the benefits of setting up business in SAIF Zone.
SAIF Zone offers zero tax, 100% ownership, preferential customs duty rates, and 100% import-and-export tax exemption. India is UAE’s number one trading partner and the recently signed India-UAE CEPA will pave way for enhanced export growth to the WANA region.
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 and business community from Coimbatore can benefit by doing business from the SAIF Zone. “Nearly 60 per cent of our investors in SAIF Zone are from India,” he said.
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.
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.
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.