Industry representatives and entrepreneurs from Mysuru held an interaction on Monday, June 12, with officials from the Hamriyah Free Zone Authority in Sharjah, United Arab Emirates (UAE), who are in Mysuru on a two-day visit to create awareness about the facilities and incentives offered to companies wishing to expand their operations into foreign markets by setting up their businesses in the Free Zone.
IT startups in the field of cyber security, food processing industries in the ready-to-eat space, cosmetics and other manufacturing sector representatives were among the entrepreneurs who held a one-to-one interaction with the delegation of officials from Hamriyah Free Zone Authority led by its Deputy Executive Director of Commercial Affairs Ali Al Jarwan.
“We had interactions with about 25 representatives from the industry today. We have a similar number lined up for tomorrow,” said a representative of Mysore Chamber of Commerce and Industry (MCCI), which is coordinating with ASSOCHAM and the Hamriyah Free Zone Authority.
“A total of 50 industry representatives have registered for interactions with the visiting delegation,” the MCCI said.
Speaking to The Hindu, Head of Business Development, Hamriyah Free Zone Authority, Geomon George said that they routinely create awareness about the facilities available at the Free Zone, which is situated near the port in Sharjah.
A total of 6,500 enterprises in the field of Oil and Gas, Steel, Petrochemicals etc from all over the world are already operating out of the infrastructure at the Free Trade Zone spread across 30 million square metres.
“We visit Tier 1 cities. We have visited a few Tier 2 cities also and Mysuru is among them”, he said adding that they were satisfied with the response shown by the industry in Mysuru.
By opting to set up base in the Hamriyah Free Zone, businesses can expand their operations into foreign markets using UAE as the base to enter and capture markets in other countries in the Gulf, Africa and Europe.
A statement from MCCI said the benefits of establishing business in Hamriyah Free Trade Zone includes 100 per cent ownership of the company, exemption from payment of income tax, corporate tax and personal tax, besides getting a trade license within 24 hours.
“The UAE has been an attractive destination for entrepreneurs the world over because of the well-developed and diversified economy, excellent infrastructure and transport links and a unique low tax regime,” the statement added.
Earlier in the day, the MCCI felicitated the senior officials from the Free Trade Zone viz Ali Al Jarwan, Geomon George and Head of International Promotions Muhamed Basheer at a function presided by MCCI president K.B. Lingaraju.
