Free Trade Zones

Photo source: Babushahi Office

Hamriyah Free Zone Roadshow Draws Interest From Ludhiana Entrepreneurs

Of more than 6,000 companies operating in the Hamriyah area, 2,000 are Indian

Babushahi Office

Ludhiana, 15th October 2022: The recently signed “Comprehensive Economic Partnership Agreement” between India and the United Arab Emirates (UAE) is a landmark trade agreement meant to transform bilateral economic, trade and investment ties and propel economic growth between India and UAE. Under CEPA, the two countries plan to increase bilateral trade from $60 billion to $100 billion over the next 5 years.

With this in mind, an interactive session was held in Ludhiana on the theme “Unlocking Business Opportunities in the UAE through the Hamriyah Free Zone” to promote Punjab exports to the UAE.

The session aimed to raise awareness of CEPA and discuss its benefits.

Organized under the aegis of the industry’s umbrella body, the Associated Chamber of Commerce and Industry of India (ASSOCHAM), the session was supported by the Knitwear and Textile Club; Chamber of Industrial and Commercial Enterprises (CICU); Ludhiana Management Association; World Sikh Chamber of Commerce (WSCC) and Indian Chamber of International Commerce.

The event brought together more than 120 businessmen from the city, who expressed their interest in starting a business in the UAE. On this occasion, the officials of the Hamriyah Free Zone made a presentation on the advantages of setting up in the Hamriyah Free Zone.

Charles Daniel, Commercial Manager, Hamriyah Free Zone Authority, Govt. of Sharjah, UAE, said the “Hamriyah Free Zone” is a trade hub from which not only the UAE, but the whole world can be reached for business.

Sharjah is today an emerging trade hub that offers unique logistical advantages through superb land, sea and air connections and Ludhiana’s business community can benefit by doing business from the Hamriyah Free Zone. “Almost 40% of our investors in Hamriyah Free Zone are from India,” he said.

Charles noted while addressing the session, “Sharjah is the industrial backbone of the UAE and establishments in the Hamriyah Free Zone enjoy many exemptions.” 100% tax exemption on import and export.

Explaining the concept of Free Zones in the UAE, Mr. Geomon George, Business Development Manager, Hamriyah Free Zone, pointed out that establishing a business entity in Hamriyah Free Zone can be extremely attractive for Indian companies. .

Industries based in Ludhiana can leverage the UAE, especially the Hamriyah Free Zone, as a re-export base for Africa and Europe. By paying only Rs 4 lakh, any business can open a freelance office in Hamriyah Free Zone, which includes one year’s rent, electricity, water, all permits and a six-person visa.

Vijay Garg, Chairman of Punjab State Development Council, ASSOCHAM and Managing Director of Vivachem, in his welcoming remarks, said Hamriyah Free Zone is a Corporate and Income Tax Free Zone .

More than 6000 industries are already working in this area. Through this session, entrepreneurs in Punjab will have an opportunity to understand the benefits of free trade zones in the UAE, connect with the world and do business.

Charanjiv Singh, general secretary of the Knitwear and Textile Club, said the UAE market has good demand for textile products. The Indian textile and apparel industry is to benefit from the India-UAE CEPA. It is with great pleasure that ASSOCHAM organized an interactive session with Hamriyah Free Zone in Ludhiana.

Upkar Singh Ahuja, President of the Chamber of Industrial and Commercial Enterprises, said India’s two-way trade with the UAE is expected to exceed $60 billion in the current financial year.

India is the UAE’s largest trading partner for non-oil exports, accounting for nearly 14% of the emirate’s non-oil exports.

Iqbal Cheema, Co-Chairman of Punjab State Development Council, ASSOCHAM, in his closing remarks said, “Now is the right time to set up your business overseas and it is very difficult to find the type of facilities provided in the Hamriyah Free zone nowhere else.”