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Rakia showcases opportunities in India

Ras Al Khaimah, November 2, 2010

Ras Al Khaimah Investment Authority (Rakia) recently presented new investment opportunities available in the emirate to Indian companies.

The presentation was held during the Global Business Forum Rakia hosted recently in New Delhi and Mumbai, in association with The Economic Times.

The forums were addressed by Mohamed Sultan Abudalla Al Owais, Ambassador of UAE to India; Dr Khater Massaad, CEO of Rakia; Alex Thomas, head of investment promotion at Rakia; Peter Michael Schuster, general manager of RAK Offshore; and Nagesh Bhalerao, deputy general manager of international operations at Bank of Baroda.

“The UAE’s economic, political and cultural links with India, which date back to more than a century, are matured and multi-dimensional. Bilateral trade has been growing steadily despite the global downturn over the last couple of years and people to people contacts are constantly on the increase," said Al Owais.

"During the 2009-10 fiscal, Indian companies invested $484 million in the UAE, which ranks 7th in India’s total outward investment table. The UAE market is important to Indian businessmen for the opportunities it provides as a major sourcing center for key markets such as Iraq, North and East Africa, CIS and eastern European countries, in addition to the GCC,” he said.

“Ras Al Khaimah in particular is opening up a world of opportunities to Indian business organisations, which I invite to explore new possibilities to expand their business horizon and achieve sustainable, long-term growth,” he added. 

Speaking at the forum, Dr Massaad said: “As a country, the UAE has developed a more concrete vision for its trade relations with our neighbours in the region and in the global community. This is particularly true with our relations with India, which has led to the UAE becoming the largest trading partner of India in the last four years. Further, the UAE is now also home to over a million Indians, many of them involved in a diverse range of business enterprises and investment initiatives across the country. The Indian community indeed easily accounts for the biggest expatriate population in the UAE and this is another key factor that has further fuelled trade activities between the two countries.”

Dr Massaad said: “One of Rakia's key initiatives that have persuaded thousands of companies to invest in Ras Al Khaimah is a comprehensive development program to build infrastructure facilities that specifically cater to the business, technology and even lifestyle needs of investors. Custom-built facilities have been developed to service key growth areas such as manufacturing, warehousing, tourism, real estate and construction, and trade and commerce. Moreover, to maximise the business potential of investors, Rakia also offers a range of attractive business incentives such as 100 per cent income and corporate tax exemptions; 100 per cent capital and profit repatriation; and 100 per cent ownership in free zones.” - TradeArabia News Service

 




Tags: UAE | Ras Al Khaimah | Rakia | businesses |

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