Pakistani industrialists can grab incentives in UAE: official

KARACHI: Industrialists can grab multiple incentives in setting up businesses at the emerging trade zone of Ras Al Khaimah, a member state of United Arab Emirates, said a trade official on Saturday.
“Ras Al Khaimah Free Trade Zone (RAK FTZ) has emerged as one of the best locations in the region for industries and home of around 8,000 companies of over 105 countries,” Wilson Chan, Director Regional Business Development of RAKFTZ told business community.
“RAKFTZ is an ideal location for Pakistani investors, as already around 400 Pakistani companies have been enjoying tax-free environment with 100 percent foreign ownership,” Chan said.
“Around 1.7 million Pakistanis are already working in a wide variety of industries, including textiles, raw materials, cotton, fabrics, cloths and clothing accessories, as well as building materials, rice, wheat and food processing machines.”
Chan further said UAE’s name is respected world over for quality and standards of goods manufactured in RAKFTZ, which have huge demand in global markets.
Ras Al Khaimah can prove the best gateway for Pakistani industries to gain traction in the dynamic Middle East region and lucrative markets of Africa and Europe, he added.
The UAE is committed to make the region heart of businesses in the region and provides a wide range of opportunities for small and medium enterprises as well as large businesses from Pakistan.
PPI adds: UAE and Pakistan have four-decade old financial ties. Commercial banks in both countries have been facilitating investors and promoting regional trade.
Habib Bank and United Bank are operating in the UAE for over four decades and four UAE banks are working in Pakistan.
Moreover, food and textiles top the list of export commodities from Pakistan to UAE with oil and gold leading imports from the latter.
The UAE economic zones facilitate investors with high levels of safety openness of trade and security.
Moreover, the government never compromises on prudent economic policies that have yielded the highest levels of political stability.
President Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Vohra said Pakistani products are lagging behind Indian products in terms of market reach to Africa and Middle East.
“Places like RAKFTZ are golden opportunities to bridge this gap and enable our products to reach these markets,” Vohra said. Another major advantage for business operating in RAKFTZ is that the costs of living and doing business in RAK are up to 50 percent lower than they are in some of the UAE’s big city centres.
“This allows clients to achieve the maximum return on their investment,” he added.