Free Trade Zones – RiotJs Sat, 22 Jan 2022 18:29:33 +0000 en-US hourly 1 Uganda’s EPZ revenue hits record $1.2 billion Sat, 22 Jan 2022 09:25:58 +0000


Uganda’s revenue from export processing zones hit a record high of $1.2 billion in 2020, up from $154 million the previous year, a new report has revealed.

The Uganda Free Zones Authority report shows that for two consecutive years, semi-processed gold has been the driving force behind exports, accounting for 93% of total export earnings at $1.1 billion.

Flower and horticulture exports ranked second, accounting for 3.7% of exports at $46 million. Tobacco ranks third, accounting for 3.1% of exports at $38 million, according to the report.

Wheat flour exports fell 65% to $1 million in 2020 from $4 million recorded in 2019.

Sandalwood essential oils earned the country $730,000 in 2020, up from $299,000 recorded in 2019, while cocoa bean exports brought in $160,000. Underground rock calcium phosphates brought in the least export revenue at $5,000.



Uganda Free Zones Authority Executive Director, Hez Kimoomi Alinda, said the positive performance in 2020 was due to increased processing and export of minerals and tobacco.

“Simba Gold Refinery Limited, M/s Metal Testing and Smelting Limited and Aurnish Trading Limited were the top exporters in fiscal year 2020-21, accounting for 93% of all export revenue generated by free zones,” did he declare.

Other top exporters in 2020 include M/S Alliance One Tobacco Uganda, which grows and processes tobacco leaf in the Nilus Free Zone and exports through the port of Mombasa.

The report showed that the UAE remained the top export destination for free zones, with a significant increase to $1.16 billion in 2020 from $106.4 million the previous year, with most coming from trade in gold.

Exports to the United Arab Emirates accounted for 93% of total free zone trade. The Netherlands ranked second with a contribution of $39 million in 2020, mostly flower exports.

“The other top export destinations from free zones were Kenya ($19 million), Belgium ($6 million), Turkey ($2 million), Germany ($2 million), Italy ($2 million), the United States ($1.9 million), Russia ($1.5 million) and South Sudan $1.2 million,” he said. -he declares.

Uganda also exported to Indonesia, South Africa, Tunisia, South Korea, Ukraine, Japan, Hungary, Norway, Kuwait, Ghana and Poland.

Mr. Alinda noted that the free zone generated $32 million, with M/s Wagagai and M/s Rosebud Limited being the top flower exporters in 2020, with the two free zones collectively generating $20 million in export revenue .

Special economic zones compromised by poor infrastructure Thu, 20 Jan 2022 19:54:53 +0000

This government’s failure to put in place basic requirements to successfully attract investors threatens to sabotage the government’s stated intentions for special economic zones (SEZs), says Oropouche West MP Davendranath Tancoo.

MP Tancoo, speaking in Parliament yesterday, noted that while other countries around the world have been able to derive substantial benefits from the establishment of these SEZs, they have ensured its success by also putting in place the appropriate infrastructure to ensure investor confidence.

MP Tancoo said investors are watching our ports, crime levels, roads, health care, international ratings by credit agencies, poverty levels and utility services including supply in water, to determine the strengths and weaknesses of a potential investment site and this government is failing under all these factors.

What would potential investors discover by looking at Trinidad and Tobago today? According to the MP for Oropouche West, “Under this Rowley government, the value of production in this country has collapsed by over $30 billion in real terms. This is why more than 6,000 SMEs closed their doors and more than 112,000 jobs were lost. With the government’s constant plundering of the Heritage and Stabilization Fund, $2.5 billion in savings was lost. With the worsening of the currency crisis and the fall of international credit ratings, the country has been downgraded since 2015 by all reputable international rating agencies. Today we are witnessing soaring food prices and a growing rate of inflation. These factors will not encourage any investor.

The success of these economic zones depends on the government addressing these very basic issues facing the citizens and the country. Instead, the state seems to believe that the country is doing well or that investors will not experience the crises around us.

There is no connection between what is proposed and the realities of the country.

For example, MP Tancoo noted that the Minister of Trade and Industry had indicated that agriculture/agri-processing was considered a priority area for development in these economic zones. Yet, over the past 6 years, this government has done nothing to protect, stimulate or develop this essential sector. Tancoo noted that over the past two years, the finance minister has allocated $500 million in the 2021 budget specifically for an agricultural incentive program. This money was not spent, but another $300 million was allocated again in 2022 for the same purpose. How can they propose the development of the agricultural sector and agro-industry as a special economic zone when even the productive capacity of agriculture in this country has been compromised due to the negligence of this administration. Farmers in West Oropouche continue to be plagued by flooding, poor drainage and access roads, large-scale predial theft, as well as difficulties in accessing fiscal and tax incentives, as the required documents to access these facilities have been in limbo for years, awaiting the Office of the Commissioner of State Lands to approve.

Tancoo warned that while this government is serious about developing the full economic potential of this country for the benefit of all its citizens, it still has a lot of work to do.

Thailand and Bangladesh can benefit from growing trade ties – OpEd – Eurasia Review Tue, 18 Jan 2022 17:21:54 +0000

Bangladesh believes that Thailand is a reliable and credible partner and friend because Bangladesh has had strong bilateral relations with Thailand since independence. Both Bangladesh and Thailand share a common regional platform like BIMSTEC.

Trade relations between Bangladesh and Thailand have been very strong in recent years, especially in the field of raw materials. As Thailand developed, many Bangladeshi students traveled there to study science. Bangladesh called on Thailand to participate more in the economic domain of Bangladesh. According to the Ministry of Finance of Bangladesh, Thailand can contribute more to the economy of Bangladesh.

According to Bangladeshi media, Thailand wants to sign a free trade agreement (FTA) with Bangladesh to boost bilateral trade. On May 2, 2010, it was announced that Thailand would host a four-day trade fair in Bangladesh. The event brought together 48 Thai companies (for the development of trade relations between the two countries). Trade between Thailand and Bangladesh reached around US$980.41 in 2019. (According to Bangkok Post)

According to the Bangladesh Foreign Ministry, Thailand and Bangladesh signed a trade agreement on August 22. The volume of trade between Thailand and Bangladesh has steadily increased. Initiatives are being taken to strengthen bilateral economic ties with Thailand. In this case, Bangladesh is invited to invest in Thailand. On the other hand, Thailand is taking steps to increase exports to that country. Export trade has always been in favor of Thailand. Both Thailand and Bangladesh have set up a Bangladesh-Thailand Joint Trade Committee (JTC) to resolve bilateral trade issues. The two sides had agreed to set a target of $2 billion in 2020, during the JTC meeting held in Bangkok.

The JTC meeting was held in Bangkok in January 2020, stakeholders focused on promoting trade between the two countries and focused on agriculture, fisheries, livestock, services health and transport. Thailand regards Bangladesh as an important strategic partner in terms of investment, trade and transport. Bangladesh was Thailand’s third largest trading partner in South Asia in 2018.

Meanwhile, a statement from indicates that in the last fiscal year 2018-2019, Bangladesh exported goods worth US$74.8 million to Thailand, while importing goods worth US$973 million. Bangladesh exports leather and leather products, medicines, sea fish and other animal products, paper and pulp, soap, garments, plastic products and rubber, electrical and electronic equipment, manufactured textile articles, products of animal origin, vegetable textile fibres, fish and shellfish, etc. Bangladesh has signed a memorandum of understanding to import rice from Thailand. On the other hand, electrical equipment, electronics, iron and steel, organic chemical products, cement, cereals, plastic materials and articles thereof, synthetic or artificial staple fibres, sugar and confectionery, machinery and mechanical appliances, cotton and cotton fabrics, synthetic fibers and cotton are imported from Thailand. Bangladeshi products have the potential to increase exports to Thailand. It is hoped that it will be possible to increase the export of all these products from Bangladesh through discussions at the meeting.

It is learned that there is a demand for jute and jute products from Bangladesh and other agricultural products in the country. If the market for Bangladeshi products is expanded in Thailand, the bilateral trade between the two countries will be balanced. Proposals to increase connectivity with Bangladesh, in particular the work to connect the port of Ranong in Thailand with the port of Chittagong are also under study. Both countries may reconsider simplifying the visa process.

In addition to increased exports, investment from the country has been sought. Every year, around one and a half million Bangladeshis travel to the country for medical and business purposes. Bangladeshis have a big role to play in the development of Thailand’s tourism industry. But compared to this, Thai investments have not come to this country. Moreover, getting a visa is now a new embarrassment. The trade deficit is not in favor of Bangladesh, trade inequality is increasing every year. Stakeholders believe that Thai investment is necessary to reduce trade inequality. To this end, the current government is considering allocating land to establish a special economic zone for Thailand.

It is learned that duty-free facilities are sought in Thailand, including medicines, leather goods, jute and jute textile fabrics, jute yarn textiles, knitted and woven shirts, T-shirts, knitted clothes, women’s towels, cotton shirts. Leather bags are important. The country exports only US$60 million worth of ready-made garments (kilns) each year. However, the country has an annual clothing demand of around $40-42 million. China, India, Vietnam, and Indonesia export huge amounts of garments to the country with duty-free facilities every year. Bangladesh does not enjoy this export advantage. Bangladesh and Thailand should sign a bilateral FTA to boost trade to ensure mutual benefit.

According to BEPZA and BEZA from Bangladesh, Bangladesh is building 100 free economic zones for foreign investors. An economic zone is assigned to Thai investors. Bangladesh offers a “one-stop service” to foreign investors. Trade, connectivity, energy and development cooperation, Covid-19 vaccine diplomacy, counter-terrorism, trade in goods, services and investments are some of the sectors that guarantee mutual benefits . Thailand can invest and establish an automobile assembly plant in Bangladesh so that the latter can re-export automobile parts and components to Thailand. Thai investment in tourism, Buddhist circuit tourism, healthcare, hospitality, food processing, leveraging SEZs and IT park are some of the potentials.

Bangladesh is set to become a booming South Asian economic miracle. There are many potentials in the economic sectors in Bangladesh. Thai companies and investors can use this opportunity for their business interests. On the other hand, the tourism sector in Thailand, the technical education sector can be the strong sectors in this regard. Thailand can easily access South Asian markets via Nepal, Bhutan, Northeast India, Tibet region in China, Central Asia, Central Asia and Africa. Cox’s Bazar airport, Matarbari deep seaport can be a potential for Thailand for maritime trade with South Asia. Pharmaceuticals and chemicals, chemicals, leather and leather products, frozen fish, raw jute and jute products, ceramic tableware, knitwear and woven garments, tea, etc. have good prospects in the Thai market. Thai products are becoming popular in Bangladesh with the expansion of the local economy.

Thailand-Myanmar-Bangladesh connectivity can boost trade relations between two countries. Thailand is an economic superstar in Southeast Asia. The Thai government develops the standard of living of the Thai people. Bangladesh and Thailand can be a “hub” between South Asia and Southeast Asia.

The EU remains a very potential importer of Vietnamese rice Mon, 17 Jan 2022 06:34:00 +0000

VIETNAM, January 17 –

Visitors at the 5th Việt Nam Rice Festivals in the southern province of Vĩnh Long earlier this month. — Photo VNA/VNS Lê Thúy Hằng

HÀ NỘI — With stable and high demand for specialty rice from Asia, the European Union (EU) remains a high-potential market for rice exporters from Việt Nam, Đầu Tư (Việt Nam Investment Review).

In 2021, Việt Nam shipped around 60,000 tonnes of rice worth US$41 million to the EU, up nearly 1% in volume and more than 20% in value compared to the EU. ‘last year. This included some 40,000 tons of fragrant rice worth nearly $30 million, up more than 9% in volume and nearly 30% in value.

The EU-Việt Nam Free Trade Agreement (EVFTA), which entered into force on August 1, 2020, helped to raise Vietnamese grain prices by $10 – 20 per ton, partially offsetting the modest increase in volume due to the COVID-19 pandemic.

According to EU statistical office Eurostat, among the 10 largest rice suppliers to the bloc, rice from Việt Nam saw the highest price growth, 20.3%, to an average of $781 per tonne. .

The Foreign Trade Agency of the Ministry of Industry and Commerce of Việt Nam attributed these results to the companies’ capitalization of the advantages created by the EVFTA. In addition, they are also stepping up the production of high quality rice such as fragrant, long grain and specialty varieties to enter demanding markets.

For example, fragrant rice accounted for 70% of the country’s total rice exports to the EU, up from 64% the previous year.

With 27 Member States, a population of around 516 million and an annual GDP per capita of over $35,000, the EU has a strong demand for imported goods, particularly agricultural products (over $160 billion dollars per year), from all over the world.

For Việt Nam, the EU is its third largest importer of agricultural products, around 5.5 billion dollars per year. However, the Southeast Asian nation’s agricultural products account for only 4% of the bloc’s imports of such products. In particular, Vietnamese rice has a market share of just over 1 percent.

The Việt Nam Food Association predicts that rice exports to the EU will continue to grow well in 2022. In particular, the improvement in the quality of fragrant rice has met the demand from European consumers.

The optimization of EVFTA to export rice at zero tariffs is encouraged by companies with large material production areas such as Lộc Trời, Tân Long and Trung An.

Phạm Thái Bình, general manager of Trung An Hi-Tech Farming JSC, said EVFTA provides greater opportunities for Việt Nam’s agricultural products, including rice. The company had used the deal to sell thousands of tons of rice in markets including Switzerland, France and Germany.

Meanwhile, Lộc Trời was the first to export 126 tonnes of fragrant rice to the EU under the EVFTA, in September 2020. It currently accounts for almost 70% of Việt Nam’s rice exports to this bloc. . —VNS

Somaliland resists Chinese influence in Africa as it seeks… Sat, 15 Jan 2022 18:10:34 +0000

(MENAFN – SomTribune)

The self-declared state of Somaliland seeks recognition from the United States as it presents itself as a counterweight to Chinese influence in the Horn of Africa.

Calls are mounting for Washington to set up a representative office in Somaliland, which hosted a delegation of congressional staff in its capital Hargeisa in mid-December.

Diplomats and observers have said that in exchange for opening a diplomatic office or formal diplomatic recognition, the Port of Berbera could help the United States diversify away from neighboring Djibouti, where China has a military base and financed and built ports and free trade zones. areas.

President Musa Bihi Abdi told the time of the US fact-finding mission, which was mostly made up of Republican personnel, that Somaliland was committed to working with democratic nations such as the United States.

“We discussed in depth Somaliland-US relations, stability, development, vibrant democracies and elections,” Abdi said.

The visit came a month after Somaliland Foreign Minister Essa Kayd Mohamoud and Special Envoy Edna Adan Ismail led a delegation to meet with officials in Washington.

In addition to arguing for recognition, the delegation wanted Washington to remove it from its inclusion in the State Department’s “Level 4: Do Not Travel” classification for Somalia, citing harm to its economy.

In exchange for recognition, Somaliland welcomed investment from American companies and also promised Washington to resist Chinese influence in the Horn of Africa.

Bashir Goth, chief of mission in Washington, told Politico the delegation traveled to the United States “to show that we have the same enemy and that our long-term strategy is to get closer to democratic and market economies. like the United States”.

He also said, “We are fighting against China and Chinese influence in Africa and we are asking for help from the United States.”

Taiwan, which China considers a breakaway province, opened a representative office in Hargeisa in August 2020. Taiwanese President Tsai Ing-wen described it as “an important step for the Taiwan-Somaliland partnership”, but the move sparked strong protests from Beijing.

Djibouti, Ethiopia and Turkey have consulates in Hargeisa while Denmark, Germany, the United Kingdom, the United Arab Emirates, Kenya and the European Union also have offices there.

Although Somaliland separated from Somalia 30 years ago, it lacks international recognition and has set up representative offices in Djibouti, Ethiopia, Kenya, Sweden, United Arab Emirates, Great Britain Britain and the United States with the aim of gaining international support.

Analysts say that as China increases its presence in the Horn of Africa – particularly Djibouti, where it has financed and built ports and free trade zones, as well as established its first naval base in abroad – the United States could use Berbera, a port on the Gulf of Aden, to diversify away from Djibouti.

Although the United States has a military base in Djibouti, recognition of Somaliland would bring “significant” benefits “starting with allowing Washington to diversify away from Djibouti, a country on which it is too dependent and which is increasingly more under Chinese influence,” according to a report. last year by Joshua Meservey, senior policy analyst for Africa and the Middle East at the Heritage Foundation think tank.

Meservey argued that “Beijing’s unprecedented influence in [Djibouti] has already hampered US operations – and positions China to halt US activity in the event of a confrontation between the two countries”.

Analysts and former US diplomats have said it is time to recognize Somaliland. Robert O’Brien, the former US national security adviser, said recognition of Somaliland as an independent country “is a key step in stemming the rising tide of the Chinese Communist Party on the continent and would show other nations that ‘there is an alternative to China’s Belt and Road’. initiative in East Africa and around the world.” “When a free, developing nation stands up to China and rejects its tainted aid, the United States must do everything possible to help it succeed, by especially when it is in a strategically vital region. Somaliland is one such country and deserves both recognition and assistance from the United States,” he said.

Guled Ahmed, a nonresident scholar at the Middle East Institute, said recent developments “show a new US geopolitical momentum in the Horn of Africa that could lead to at least the US government opening a diplomatic office in Hargeisa. “.

He said the United States may consider maritime development and security partnership in the Gulf of Aden and perhaps reconnaissance in the near future. Somaliland has already signed an oil exploration development with Genel Energy and Taiwan CPC Corporation through a public-private partnership.

“US companies will likely follow this lead since US oil companies officially own the rights to drill some of the oil blocks in Somaliland,” Ahmed said. Ahmed said that from China’s perspective, “Somaliland recognizing or having diplomatic relations with Taiwan is a threat to its maritime silk road and the Belt and Road Initiative, and it will disrupt its activities. illegal fishing in the Gulf of Aden and the Indian Ocean”. Chinese Ambassador to Somalia Fei Shengchao dismissed reports that Chinese companies were engaging in illegal fishing in Somali territorial waters, adding that China fully respects the country’s sovereignty.

“Fisheries cooperation is based on mutual agreement. He brings millions of dollars to Somalia with no strings attached. There are those who don’t want to see a dime paid to Somalia and continue to muddy the waters to ‘fish’ for themselves,” Fei tweeted on December 27. Yun Sun, director of the China program at the Stimson Center in Washington, said “the voice calling for recognition is louder than before.” But she said the reason for the current relationship between Somaliland and Taiwan was their respective lack of international recognition. “If the United States recognizes Somaliland, more countries will follow,” Sun said.

“I doubt China will reject the idea. And if China is willing to expand diplomatic recognition of Somaliland, what leverage does Taiwan still have?

However, US policy had been to follow the example of the African Union, which so far had not promoted Somaliland’s recognition as an independent country, said David Shinn, a former US diplomat in Ethiopia and a professor. at George Washington University. It treats Somaliland as part of Somalia. Although there is considerable sympathy for Somaliland in the United States, I am not aware that there is any intention to change American policy on this subject,” Shinn said. “There is probably members of Congress who are in favor of recognizing Somaliland, but it is an executive decision. “As long as Somaliland is not recognized by any country, it is not a major problem. If Somaliland received diplomatic recognition from a number of countries, China would fear that Somaliland would officially recognize Taiwan. China would react badly to such a development.

South China Morning Post

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FDI inflows into China hit record high in 2021_英语频道_央视网( Fri, 14 Jan 2022 01:21:28 +0000

BEIJING, Jan. 13 (Xinhua) — In a year the pandemic has continued to wreak havoc on the global economy, global investors have cast more votes of confidence to invest in China as direct investment (FDI) in the country has peaked. record high.

FDI into the Chinese mainland, actually utilized, rose 14.9 percent year on year to hit a record high of 1.15 trillion yuan in 2021, the Ministry of Commerce said Thursday.

In US dollar terms, inflows were up 20.2% year-on-year to $173.48 billion.

High-tech industries saw FDI inflows jump 17.1 percent from a year earlier, ministry spokesperson Shu Jueting told a press briefing.

Foreign investment in China’s high-tech manufacturing and service industries rose 10.7 percent and 19.2 percent year-on-year, respectively.

According to Zhang Jianping, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, the robust growth came amid China’s sound and long-term economic fundamentals and steady improvement in the economy. business environment maintained an attraction for foreign capital.

Last year, the total inflow of FDI in the service sector rose 16.7 percent year on year to 906.49 billion yuan.

Investment into the Chinese mainland from Belt and Road countries and the Association of Southeast Asian Nations surged 29.4 percent and 29 percent, respectively. , according to data from the ministry.

China will further expand its high-level opening-up, improve its services for foreign-funded enterprises and projects, and make more efforts to optimize the business environment in 2022, Shu said.

At the end of December, authorities unveiled two shortened negative lists for foreign investment, both of which came into effect on January 1, 2022, as part of efforts to further open up the economy.

Items prohibited to foreign investors have been reduced to 31 in the 2021 version of the negative list from 33 in the 2020 version, while the 2021 negative list for foreign investment in pilot free zones reduced the number of items to 27 against 30.

This year, the ministry will make great efforts to implement the negative lists and guide more foreign capital to invest in the emerging fields, including advanced manufacturing, modern services, high technology, energy conservation, environmental protection and the digital economy, said Shu.

FAA lists 50 airports with temporary buffer zones blocking new 5G signals Wed, 12 Jan 2022 02:14:27 +0000

A JetBlue aircraft prepares for take off with downtown New York City in the background.

James Martin / CNET

The Federal Aviation Administration has released a list of airports that will have temporary buffer zones around them that prohibit new 5G coverage is expected to go live later in January for a six-month period. Meanwhile, the agency and the aviation industry will work to ensure that current aviation equipment is not disrupted by the new frequencies that carriers use to expand their 5G networks.

The list of airports includes some of the largest international hubs in the United States, such as John F. Kennedy International in New York, Los Angeles International, and O’Hare International in Chicago. They include areas where operators plan to activate 5G coverage in the so-called C frequency band on January 19. Traffic volume, the number of low visibility days and geographic location are all taken into account at airports that would need buffer zones, according to an FAA newsroom report on Friday.

For six months after C-band goes live, wireless companies including AT&T and Verizon will turn off transmitters and make other adjustments to the C-band 5G signal in frequencies 3.7-3.98 GHz around airports in these buffer zones. This will prevent them from interfering with aviation equipment operating in the 4.2-4.4 GHz frequencies.

This equipment includes radio altimeters, which provide accurate height readings to aircraft systems, including navigation and collision avoidance. The FAA and the aviation industry are concerned that the C-band signal could interfere with the readings aircraft rely on when landing at airports in bad weather and low visibility.

During the six months that the buffers are active, the FAA will work with airlines and manufacturers to test altimeters operating in the midst of the 5G C-band signal and lift restrictions on aircraft using altimeters that can fly in full. security in these environments. Those that aren’t will be upgraded or replaced, according to an FAA C-Band FAQ page.

Temporary buffers encompass just over a mile around airstrips which completely prohibit the 5G C-band signal, giving planes 20 seconds of signal-less time as they arrive to land.

The wireless industry has a more precise outline for the zones, which will extend 2100 meters in front of and behind the runways, as well as 910 meters on each side. Operators will reduce the C-band signal on a narrower 6,100 meters path in front and behind the runways and limit signal strength above the horizon, according to a document provided to CNET by CTIA, a trade organization representing wireless industry.

Buffer zones are another compromise made by US carriers to ensure that their next C-band service does not interfere with critical aircraft instruments. Verizon and AT&T have delayed their C-band launches by November and even January, as well as the lowering broadcast power levels at national scale. This is the first time we’ve seen a schedule that satisfies both the wireless and aviation industries and agencies, who have been working on a solution to the problem from the FCC. auctioned of C-band frequencies to US operators in February 2020.

The full list of airports that will have buffer zones for six months after January 19 is as follows:

  • Austin-Bergstrom International Airport in Austin, Texas
  • Field Laurence G. Hanscom in Bedford, Massachusetts
  • King County International Airport in Seattle, Washington
  • Birmingham-Shuttlesworth International Airport in Birmingham, Alabama
  • Nashville International Airport in Nashville, Tennessee
  • Bob Hope Airport in Burbank, California
  • Akron-Canton Airport in Canton, Ohio
  • Charlotte Douglas International Airport in Charlotte, North Carolina
  • Dallas Love Field in Dallas
  • Dallas / Fort Worth International Airport in the Dallas-Fort Worth metroplex
  • Detroit Wayne County Metro Airport in Detroit
  • Ellington Airport in Houston
  • Newark Liberty International Airport in Newark, New Jersey
  • Fresno Yosemite International Airport in Fresno, California
  • Fort Lauderdale-Hollywood International Airport in Fort Lauderdal, Florida
  • Bishop Flint International Airport, Michigan
  • Houston William P. Hobby Airport
  • Tweed-New Haven Regional Airport in New Haven, Connecticut
  • Houston George Bush Intercontinental Airport
  • Indianapolis International Airport to Indianapolis
  • Long Island MacArthur Airport in Ronkonkom, New York
  • New York John F. Kennedy International Airport
  • Harry Reid International Airport Las Vegas
  • Los Angeles International Airport to Los Angeles
  • New York LaGuardia Airport
  • Long Beach Airport in Long Beach, California
  • Kansas City International Airport to Kansas City
  • Orlando International Airport in Orlando, Florida
  • Harrisburg International Airport in Middletown, Pennsylvania
  • Chicago Midway International Airport to Chicago
  • McAllen International Airport in McAllen, Texas
  • Miami International Airport to Miami
  • Minneapolis-Saint Paul International Airport in Minnesota
  • Ontario International Airport in Ontario, California
  • Chicago O’Hare International Airport
  • Paine Field in Snohomish County, Washington
  • Palm Beach International Airport in West Palm Beach, Florida
  • Philadelphia International Airport to Philadelphia
  • Phoenix Sky Harbor International Airport in Phoenix
  • St. PeteClearwater International Airport in Clearwate, Florida
  • Pittsburgh International Airport to Pittsburgh
  • Raleigh-Durham International Airport in Morrisvill, North Carolina
  • Frederick Douglass – Grand Rochester International Airport in Rocheste, New York
  • Seattle-Tacoma International Airport to Seattle
  • San Francisco International Airport to San Francisco
  • Norman Y. Mineta San Jose International Airport in San Jose, California
  • John Wayne Airport in Santa Ana, California
  • Saint-Louis Lambert International Airport in Saint-Louis
  • Syracuse Hancock International Airport in Syracus, New York
  • Teterboro Airport in Teterbor, New Jersey
How Dubai’s tax laws attract both businesses and talent – business & finance Mon, 10 Jan 2022 02:02:31 +0000

KARACHI: Dubai’s tax laws are not only aimed at promoting investment, but also attracting top talent, leaving room for tax optimization that can help redirect finances to research and development as well as expansion, according to experts.

There are many factors that attract business, and therefore talent, to Dubai and arguably the most important of these is its tax exemptions, they said.

Importantly, unless you are an oil company or a foreign bank, you pay 0% corporate tax (in perspective, Pakistani companies pay around 29% corporate tax, while those in the U.S. US and UK pay around 20%), which means companies have more flexibility as to what to do with their earnings.

“Dubai’s tax exemptions provide businesses with an important tax optimization factor through which they can redirect tax savings towards research and development, hiring and investment,” said Achraf Drid, Managing Director of XTB Middle East, a global currency brokerage firm. Business recorder.

The company’s subsidiary, XTB MENA Limited, only recently obtained a license from the Dubai Financial Services Authority (DFSA) after incorporating its new subsidiary at the Dubai International Financial Center (DIFC) in January 2021.

Promoting tourism in Pakistan: lessons from Dubai

“The excess cash that companies can keep allows them to seek new sources of growth. As a result, these tax exemptions help businesses thrive.

Last year it was announced that all companies operating within the Dubai Multi Commodities Center – one of the largest free trade zones in the world, with over 16,000 registered companies across a wide range of sectors, including agribusiness, energy and financial services, diamonds and gold – would be exempt from taxes, including income tax, for 50 years.

In addition, the UAE has agreements with most of its trading partners, which means companies do not have to pay double taxation on overseas investments. Double taxation occurs when similar taxes are imposed in two countries on the same taxpayer on the same tax base.

Tax laws also play another key role in Dubai: they attract top talent from around the world.

Part of the reason is that exemptions leave more revenue for companies to spend on recruiting and offering competitive wages.

And in part because there is no income tax or even inheritance tax or stamp duty (in the UK, for example, the stamp duty ranges from 2% to 12 % when buying a property), a factor that attracts expats in droves.

The talent pool that is attracted “provides the necessary skills and helps businesses grow.” Often, cities with a low concentration of talent find it difficult to grow their businesses and economies, ”said Drid.

One of the most significant changes to Dubai’s tax laws in recent times has been the 5% VAT which came into effect in January 2018 to reduce the city’s dependence on oil revenues. The tax is applicable to companies whose supplies and taxable imports exceed Dh 375,000.

This could often mean that end users of goods and services end up paying higher taxes, but the rate is still much lower than the rest of the world. It enables Dubai to make changes, such as upgrading its infrastructure, which can benefit businesses in the long run, and promotes transparency in businesses.

An article in the Khaleej weather called the move a “masterstroke” because it allowed the UAE government to raise 27 billion dirhams in the first year alone, but was small enough to have minimal impact on businesses and residents.

The article also pointed out that Dubai’s agile policy making has played an important role in minimizing the negative impact of VAT on certain sectors. An example would be the diamond, gold and jewelry industry which make up a large part of Dubai’s non-oil economy.

Pakistan can benefit from Dubai’s ‘structured’ approach to boost startups

Following the introduction of the VAT, imports of rough diamonds fell by 33% and exports by 26%.

The government was quick to approve a reverse charge mechanism for VAT on commercial transactions between registered dealers “and thus succeeded in protecting the UAE’s position as a strategic trading center with only a small amount of reputational damage caused by the first five months of VAT uncertainty. ”.

Meanwhile, Drid noted that in addition to taxes, “Dubai attracts businesses and individuals with its continued modernization efforts by simplifying administrative procedures and lowering the overall cost of doing business.”

He said initiatives to create industry-specific zones are also helpful, as are frequent investment programs.

Culturally, he said, “the city is increasingly becoming a global hotspot and a cultural melting pot, which attracts skilled people from all over the world. The multitude of events, festivals and venues the city has to offer is a definite plus.

Mohamad Ibrahim, Regional Director of Exness, said Business recorder that “only a continued effort at modernization and reform could help a country stay at the forefront of global economic competition” and other countries can learn from how it has created the right economic and cultural conditions that help businesses to thrive and to make expatriate employees feel welcome.

Commercial copyright recorder, 2022

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US FAA details 50 airports that will have 5G buffer zones Sat, 08 Jan 2022 01:23:00 +0000

A Verizon contract team installs 5G telecommunications equipment on a tower in Orem, Utah, U.S. December 3, 2019. Photo taken December 3, 2019. REUTERS / George Frey / File Photo

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WASHINGTON, Jan.7 (Reuters) – The Federal Aviation Administration (FAA) on Friday unveiled a list of 50 U.S. airports that will have buffer zones when mobile carriers activate the new 5G C-band service on Jan.19.

AT&T (TN) and Verizon Communications (VZ.N) agreed on Monday to buffer zones around 50 airports to reduce the risk of disruption due to potential interference with sensitive aircraft instruments like altimeters. They also agreed to delay the deployment for two weeks, thus avoiding an air safety deadlock.

The list includes airports in New York, Los Angeles, Chicago, Las Vegas, Minneapolis, Detroit, Dallas, Philadelphia, Seattle, and Miami.

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The FAA has said this does “not necessarily” mean low visibility flights cannot take place at airports that are not in the 50.

AT&T and Verizon, which won nearly all of the C-band spectrum in an $ 80 billion auction last year, declined to comment.

The FAA on Thursday renewed its warnings that despite the deal, 5G wireless service could still disrupt flights, saying that “even with the temporary buffer of around 50 airports, the 5G deployment will increase the risk of disruption in low visibility, “including” flight cancellations, hijacked flights, and delays during periods of low visibility. “

Some major airports such as Denver, Atlanta and Ronald Reagan Washington National are not on the list because 5G is not yet being deployed, while others are not because “the 5G towers are far enough away that a natural buffer exists ”.

Other unlisted airports currently do not have the capability to allow low visibility landings, the FAA has said. He said the delay would allow him to assess ways to minimize the disruption and also give businesses more time to prepare.

“If there is a risk to the flying public, we are forced to suspend the activity, until we can prove it is safe,” the FAA said.

ACI-NA President and CEO Kevin Burke, who heads the association representing US and Canadian airports, said on Friday that the FAA list “is largely irrelevant because the whole system aviation is about to be affected by this poorly planned and coordinated expansion of 5G service in and around airports. ” He said “the so-called fix will create winners and losers within the airport community, and the entire aviation system will suffer under the terms of this deal.”

Airlines for America, a trade group representing U.S. passenger and cargo carriers, said it appreciates “the FAA’s efforts to implement mitigation measures for airports that may be most affected by the disruption generated by the deployment of the new 5G service “.

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Reporting by David Shepardson Editing by Sandra Maler and Grant McCool

Our Standards: Thomson Reuters Trust Principles.

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Cheikh Ahmed appoints the DIEZ management team Thu, 06 Jan 2022 15:04:10 +0000

Amna Lootah and Dr Juma Al Matrooshi have been appointed respectively general managers of the Dubai Airport Free Zone and the Dubai Silicon Oasis by Sheikh Ahmed.
Image credit: photo provided

Dubai: A new management team of the Authority of Integrated Economic Zones of Dubai was appointed Thursday by Sheikh Ahmed bin Saeed Al Maktoum, chairman of the authority.

Amna Lootah and Dr Juma Al Matrooshi have been appointed respectively general managers of the Dubai Airport Free Zone and the Dubai Silicon Oasis.

Muammar Al Kathiri is the Director of Engineering and Smart City, William Chapel has been appointed Chief Financial Officer and Youssef Behzad is appointed Director of Human Resources and Organizational Development.

“We look forward to the success of the Dubai Integrated Economic Zones Authority and its new structure. We are confident in the competence of our new senior officials, which they have proven over the past few years. We believe in their abilities to lead authority by providing comprehensive and integrated solutions to the business community and investors in Dubai Free Zones. DIEZ presents an equal business model that creates new perspectives and opportunities for expansion by providing seamless and efficient services and solutions to the business community, which in turn improves the operational efficiency of the three free zones, ”said Sheikh Ahmed.

Bader Buhannad will be DIEZ’s Director of Business Support, Saeed Al Suwaidi will be the new Director of DIEZ’s Legal and Regulatory Affairs Office and Abdul Rahman Basaeed has been appointed Director of Internal Audit and Enterprise Risk Management .

Sheikh Ahmed stressed that the new appointments to the highest leadership positions of the authority were in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai, in the development and strengthening the role of human resources for sustainable growth, business expansion and consolidation of the emirate’s position as a global investment hub.

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