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RAK Free Trade Zone targets SME investments from India

RAK Free Trade Zone hosts top-level media delegation from India

Showcases growth potential for Indian companies at RAK FTZ
Ras Al Khaimah, 30 November 2010: As part of its mandate to boost Indian investment in Ras Al Khaimah and spread awareness about its products and services among Indian companies, the Ras Al Khaimah Free Trade Zone Authority [RAK FTZ] - one of the fastest-growing and most cost-effective free trade zones in the UAE - hosted a top-level media delegation from India at the free zone this month.

During the media-familiarisation visit organised between 21 and 24 November, RAK FTZ 's top management showcased the key facilities and services on offer, highlighting the salient advantages for Indian businesses in setting up operations at the free zone. The media representatives were also briefed on the Indian companies operating at RAK FTZ and the burgeoning trade relations between the UAE and India.

RAK FTZ Chairman His Highness Sheikh Faisal Bin Saqr Al Qasimi, who also received the delegation, said: "We are extremely happy to showcase the world-class facilities and services on offer at RAK FTZ for Indian businesses. India is a strategic market for us, and we are keen to develop it further. The cost-effectiveness of setting up business at RAK FTZ , coupled with value-added services and easy access to neighbouring markets, provides advantages that are unmatched in the region."

He added: "Indian businesses should take advantage of the close trade ties between the UAE and India. We are keen to attract small and medium sized enterprises from India and help them set up business in the fastest and the easiest way at RAK FTZ ."

Sheikh Faisal briefed the media on the strategic steps undertaken by RAK FTZ amidst the global economic upheavals, investment opportunities on offer at RAK FTZ , future plans, and industries operating at the zone, as well as the tourism potential RAK holds. He also highlighted the key features of the Maintenance Repair and Overhaul [MRO] Centre at the RAK FTZ Aviation Park.

In his comments, Oussama El Omari, CEO of RAK FTZ , said: "Since our inception, almost 2,000 Indian companies have set up operations at RAK FTZ . Given the huge investment potential, we were happy to showcase our unique facilities and services to key media representatives from India. This will help us widen our reach - the reach of the Indian media includes businesspeople from leading corporations, family-owned businesses, and small and medium enterprises across all industries. We are very optimistic that this visit will eventually lead to long-term partnerships with some top Indian businesses."

He added: "As we celebrate our 10th anniversary this year, we are looking to strengthen our positioning as a business hub geared at helping SMEs connect to emerging market economies. India is an emerging economic power, which deserves special attention and focus. Our location is very strategic, especially for those who wish to expand not only in the UAE but also to the rest of the Middle East and North Africa; so we definitely see vast potential in any future cooperation that may arise out of this visit."

Reiterating the importance the Indian market, RAK FTZ currently operates a promotion office in Mumbai, India. This media visit to the RAK was organised by that office and spearheaded by Bissoon Duthsingh Surnam, Regional Manager - India. RAK Free Trade Zone is also working closely with Mana Sultan Al Suwaidi, UAE Commercial Attaché to India, and the Ministry of Foreign Trade for promotions and marketing initiatives in India.

During the visit, the media representatives were also given a tour of the new developments in RAK, including the AED 850 million WOW RAK Ice Land, Water Theme Park (managed by an Indian company); Mina Al Arab projects; and Al Hamra Area, as well as the Business Park, Industrial Park, Technology Park and Academy Zone being developed by RAK FTZ . The visit also included a tour of the Indian companies with warehouse facilities at the Technology and Industrial Parks.

The delegation comprised representatives from top newspapers and television channels from India, including The Times of India, The Financial Express, Malayala Manorama, Press Trust of India, Hindu Business Line, Financial Chronicle, UNI TV, RPR, Zee Network TV and Zee Business TV, among others.

To date, the Ras Al Khaimah Free Trade Zone is home to many successful Indian organisations as well as smaller businesses. Some of the Indian companies that have chosen RAK FTZ as their base include Cumi Middle East FZE - Murrugappa Group; Kotak Commodities - Kotak Mahindra Ltd; Vinayaka Mission University; Birla Institute of Technology, Ranchi, India; Bharathi Vidhaypeeth University, Pune, India; and Zoom Developers, in addition to many others.

Trade between the UAE and India - valued at USD 180 million per annum in the 1970s - is today valued over USD 45 billion, which amply reflects on its immense growth potential.

-Ends-

About the Ras Al Khaimah Free Trade Zone Authority:
Ras Al Khaimah Free Trade Zone ( RAK FTZ ) is one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE). With a reputation for affordability, flexibility and broad geographical reach, RAK FTZ is rapidly emerging as the preferred business hub in the region, from which investors can easily access and branch into the emerging markets.

2010 marks RAK FTZ 's 10th year in operation, and in the past decade, it has gone from strength to strength, garnering accolades and awards along the way. Since its establishment in 2000, with only a handful of staff and a few offices, the free zone has grown by leaps and bounds and is now home to some 4,000+ active companies from 106 countries around the globe, employs more than 350 fulltime staff, operates business and promotion centres in four locations in the UAE and has an expanding international presence, with liaison offices in Germany, Turkey, India and the United States.

RAK FTZ has also created a unique, four-park system comprised of its Business Park, Industrial Park, Technology Park and Academy Zone, each of which offers identical advantages and benefits to investors. With its cutting-edge technology and keen customer focus, the free trade zone offers on-demand and custom-built support services, including IT, legal, human resources, procurement, creative and marketing assistance. Backed by legislation allowing 100% foreign ownership and 100% capital and profit repatriation, a tax-free environment, and transparent laws, the free trade zone is well positioned for global commerce.

To learn more about the RAK Free Trade Zone, visit: www.rakftz.com

For further information, please contact:
Cleo Eleazar
Public Relations and Media Officer
Ras Al Khaimah Free Trade Zone Authority (RAK FTZA)
Phone: +971-7-2077173
E-mail: c.eleazar@rakftz.com

© Press Release 2010