Indian Chamber of Commerce and United Arab Emirates UAQ Free Trade Zone held an interactive meeting

give a welcome speech Mr. Sanjay Budhia, Managing Director of Barton International Limited & Former Chairman of the Indian Chamber of Commerce said “I am truly amazed and grateful that each and every one of you is so heavily involved in this initiative, in defiance of the rules, it shows your collective passion for it. Welcome to this session on the United Arab Emirates and Umm Al Quwain (UMQ FTZ) Interactive Session on Investment Prospects. It is a pleasure that Mr. Johnson George and Mr. Tarun Sharma are with us. They are visiting Kolkata for the first time as this part of East India is full of promise and opportunity, so It is great that they started from here. It is well known that India and the UAE have diplomatic relations dating back to 1972. Since then, India and the UAE have maintained a strong and stable diplomatic and commercial relationship. India and UAE trade in the 1970s The amount is estimated to reach 185 million US dollars per year. By the end of the 2022-2023 fiscal year, there will be 85 billion US dollars. India is currently the second largest trading partner of the UAE, and the UAE has jumped to India’s third largest trading partner and seventh largest investor. The UAE will invest USD 3.35 billion in direct investment in India, triple the USD 1.03 billion for 2021-2022. As you all know, the conclusion of the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates is expected to secure bilateral trade and investment and increase Indian exports to UAE in various industries including gems and jewellery, textiles, leather, sporting goods, pharmaceuticals, etc. Also, the deal will provide Indian businesses with access to the UAE gateway to export their goods to West Asia, Europe and Africa In this context, I would like to discuss our state West Bengal. Our state is home to many important businesses and also benefits from rich natural mineral resources and favorable climatic conditions. It is also the largest rice grower in India and the country’s 1st The second largest producer of tea. The total export value of the state is USD 12.74 billion in fiscal year 2022-2023. West Bengal is an important region with more than 500 MDs exporting 50% of India’s leather products. In addition, the state is It has a successful track record in the development of businesses, especially handlooms and handicrafts, which are vital in creating employment opportunities in the state.Finally, West Bengal has a long and storied heritage of gold jewelery craftsmanship, which is globally renowned. Hence, there is a great opportunity for Indian businesses, especially those in West Bengal, to consider other options, invest in the UAQ Free Trade Zone, and discover this prime location that provides a safe environment for expanding their business.”

During the speech, Mr. Johnson M George, General Manager of Umm Quwain UAQ Free Trade Zone, said: “It was great to see so many interested people. I am sure many of you travel to the United Arab Emirates regularly and as Indians the UAE holds a special place in our hearts. Well, Gawain is one of the seven One of the states, so I don’t think I need to say much about the venue. Dubai and Sharjah international airports are very close to where we come from in the north of the country. We are a typical Umm Al Quwain licensed alliance with significant logistics Advantages. As we say, it’s the start of relocation and growth. We offer you entrepreneurial opportunities, you can come here and start a business. Anyone interested in relocating and growing their business should consider working with us.”

While delivering a speech, Mr. Tarun Sharma, Business Development Officer, Indian Subcontinent, Government of Umm Quwain said: “We are the Indian representative of Umm Al Quwain and we take care of all your company formation needs. I will give you some history of Umm Al Quwain. We have a fairly solid government with clear laws and guidelines. UAE Has the strongest economy in the world and ranks 20th in terms of free market. Indian embassy is very vigilant in protecting and promoting investors and they say we now have assets totaling close to $85 billion. If your headquarters Located in the UAE, then this is the fastest growing market. For foreign investors, our legal system is open and transparent. The UAE ranks 1st in road quality, 12th in logistics advantages, global health innovation Ranked 2nd in terms of index.Business is possible both in the free zone and on the mainland.In the mainland you have to form a business partnership with a local Emiratis who will own 51% of the company while in the free zone you Will hold all shares.GDP will be contributed by 45 free trade zone agencies, of which only 5 are general agencies and we are one of them.Our location is in the north of the United Arab Emirates; just 30 minutes by car to Dubai International Airport , 20 minutes from Sharjah International Airport. Umm Al Quwain has a modern infrastructure which is quite advanced. We were established in 1987 as Rulers Highness and re-established in 2014 as Umm Al Quwain. Thanks to our Quick and easy incorporation process, companies can be incorporated within a day or two. We provide state-of-the-art office space to 2 billion consumers. In Umm Al Quwain, the maximum number of shareholders is 50, compared to 5 to 6 in the mainland. We The start-up fee is INR 1,80,000. Air, water and land are able to reach our location. We have easy access to the markets of multiple countries. We have 3 large highways connecting the whole UAE: F11, E311 and E611. Our The economy is intertwined into a cluster. We operate a lot like an ecosystem: people can live, work and play here, and they can lease the land for 25 years with the option to extend. Water and electricity are also readily available, and we also provide Immediate move-in office space of 90 sq. ft. The education industry in our country is thriving with investment from multiple Indian and foreign universities. We provide various company licenses including industrial license, service license, consultant license and many more There are also several licensing alternatives with simple paperwork. Without a visa, you can start a business for INR 1,84,000, but with a visa it will cost INR 3,00,000 which includes registration fees. Except In addition to this package, we will also provide you with co-working space, licenses and access to 50 stakeholders. Your visa must be renewed every two years. Umm Al Quwain is quite affordable compared to other emirates , and we have a great tourist entry. We have about 10,000 businesses registered with us in various business categories. If you export from Umm Al Quwain, it requires less customs duties and offers the opportunity to export globally. Setting up a business is simple: choose a business name and activity, submit the formation form, pay and insure the license within a business day or two. Well, Al Quwain made it relatively easy to start a business. “

While casting a vote of thanks, Mr. Sudip Datta, Ernst & Young Partner, Chairman of the Infrastructure National Committee of the Indian Chamber of Commerce, said: “I must admit that the proposal is very well organized and well thought out. It is fascinating to see how the UAE has created so many tax breaks and offers a good standard of living. Learn about the organization and location of the UAQ Free Trade Zone , I am very inspired. Doing business with them will be very easy as the UAE has a stable government and is probably the only country where a plane flight can take up to 8 hours. Also, the UAE government provides a high quality of life, which It is very necessary to get. They also provide a lot of tax incentives and material benefits, as well as access to international markets in Asia, Europe, Africa, etc. All things considered, this is an interesting proposition and the Indian Chamber of Commerce will be happy to cooperate with the free trade zone .India and the UAE have enjoyed a longstanding, close bilateral relationship. This is due to personal ties and the fact that India is now the UAE’s largest export market.”