The recently signed 'Comprehensive Economic Partnership Agreement' between India and the United Arab Emirates (UAE)’, is a major trade agreement set to transform bilateral economic, trade and investment ties and propel economic growth between India and UAE. Under the CEPA, both countries expect to boost bilateral trade from USD 60 Billion to USD 100 Billion within the next 5 years.

In line with this, an Interactive Session was organized in Ludhiana on “Unlocking Business Opportunities in UAE through Hamriyah Free Zone” to promote exports from Punjab to UAE. The session aimed at creating awareness about the CEPA and to discuss its benefits.

Organized under the aegis of the apex industry body, The Associated Chamber of Commerce and Industries of India (ASSOCHAM), the session was supported by Knitwear and Textile Club; Chamber of Industrial & Commercial Undertakings (CICU); Ludhiana Management Association; World Sikh Chamber of Commerce (WSCC)and Indian Chamber of International Business.

Mr. Charles Daniel, Commercial Manager, Hamriyah Free Zone Authority, Govt. of Sharjah, UAE, said that “Hamriyah Free Zone" is a hub of trade from where not only UAE, but all over the world can be reached for business. Sharjah is today an emerging trading hub that offers unique logistical advantages via superb land, sea and air links and the business community from Ludhiana can benefit by doing business from the Hamriyah Free Zone. “Nearly 40 percent of our investors in Hamriyah Free Zone are from India,” he said.

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

Mr. Charles Daniel, Commercial Manager, Hamriyah Free Zone Authority, Govt. of Sharjah, UAE, said that “Hamriyah Free Zone" is a hub of trade from where not only UAE, but all over the world can be reached for business. Sharjah is today an emerging trading hub that offers unique logistical advantages via superb land, sea and air links and the business community from Ludhiana can benefit by doing business from the Hamriyah Free Zone. “Nearly 40 percent of our investors in Hamriyah Free Zone are from India,” he said.

Mr. Charles noted while addressing the session, “Sharjah is the industrial backbone of the UAE and establishments in Hamriyah Free Zone enjoy many exemptions." It is to be noted that Hamriyah Free Zone offers zero tax, 100% ownership, preferential customs duty rates, and 100% import-and-export tax exemption.

Explaining the concept of Free Trade Zones in the UAE, Mr. Geomon George, Head of Business Development, Hamriyah Free Zone, highlighted that establishing a business entity in Hamriyah Free Zone can be extremely attractive for Indian companies. Ludhiana based industries can leverage the UAE, particularly Hamriyah Free Zone as a re-export base for Africa and Europe. By paying only Rs 4 lakh, any company can open an independent office in the HamriyahFree Zone, which includes one year rent, electricity, water, all permissions and visa of six people.

Shri Vijay Garg, Chairman, Punjab State Development Council, ASSOCHAM and Managing Director, Vivachem in his welcome address said that Hamriyah Free Zone is Corporate Tax and Income Tax Free Zone. More than 6000 industries are already working in this zone. Through this session, entrepreneurs of Punjab will get an opportunity to understand the benefits of Free Trade Zones in UAE and connect with the whole world and do business.

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

Shri Upkar Singh Ahuja, President, Chamber of Industrial and Commercial Undertakings, reflected that India's bilateral trade with the UAE is expected to surpass $ 60 billion in the current financial year. India is the UAE’s number one trading partner for non-oil exports, accounting for nearly 14 per cent of the Emirate’s non-oil exports.

Shri Iqbal Cheema, Co-Chairman, Punjab State Development Council, ASSOCHAM, in his closing remarks, said: “This is the right time to set up your business abroad and it is very difficult to find the kind of facilities being provided in the Hamriyah Free zone anywhere else."