The Ras Al Khaimah Investment Authority, Government of Ras Al Khaimah, United Urab Emirates (UAE), in association with The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized an interactive session on ‘Bilateral Trade opportunities in Ras Al Khaimah, UAE’ on 20th October 2011 at Federation House, Red Hills, Hyderabad. Mr. Alex Thomas, General Manager, RAK Investment Authority, Govt. of Ras Al Khaimah, UAE was the chief guest.
Mr. Alex Thomas said that the Ras Al Khaimah’s transformation into one of the most exciting investment, manufacturing, trade, tourism and lifestyle destinations in the world. The total FDI inflo to GCC for the year 2009-10 was US $ 93 billion of which US $ 33 billion was for the year 2010. The major investments to GCC for the year 2010 came from Western Europe, Middle East, North America and Asia. India is the third largest investing country into GCC region in 2010 with FDI of US $ 3.3 billion. The UAE was the largest FDI recipient country in the GCC accounting for 33% of total FDI in the year 2010 followed by KSA which was 29%. The UAE, one of India’s largest trade partners, is home to 1.75 million Indians. Total trade between India and UAE was US $ 44 billion in the year 2009-10. UAE is the topmost trading partner for Indian exports with a value of US $ 24 billion.
Mr. Alex Thomas invited the investors from the state of Andhra Pradesh, to invest in RAKIA Industrial Park, a free zone and non free zone industrial park. He said that the RAKIA Industrial park is the best place to set up any industry with low cost, for a high returns on investments as well. He invited the investors to invest in particularly Chemical, Plastic and Rubber industry, Food processing industries, Primary and Fabricated metals, Non Metallic minerals industry, Power and Electrical Component industry, Auto components and Wood processing industry etc. For foreign investors the RAKIA industrial Park allotted 5,000 sq.m area with well connected to sea ports & airports and well designed infrastructure. The RAKIA Industrial Authority also offering a 100% Sales & Income tax, Corporate Tax and duty free environment for their economic in and out flows. The Authority also offering 100% foreign ownership for free zone companies and 100% repatriation of capital and profits and no foreign exchange controls. There is no restriction on hiring expatriates for industries.
Mr. V.S. Raju, appreciated the Ras Al Khaima Investment Authority and he said that the RAK Government encourages development through private sector and believes that the role of the Government is primarily to create an optimum environment for enterprises, providing enabling infrastructures, utilities and services and making sure that the Government is an effective partner-supporting and empowering the private sector. RAK has long been one of the industrial centre’s of the UAE. The industrial sector has been dominated by the three main industries of Cement, Ceramics and Pharmaceuticals. The sector has diversified in the recent years especially since the creation of free zones as well as partnerships between government and foreign investors. RAK Investment Authority is one of the fastest growing, cost effective free zones of the region and it is rapidly emerging as the preferred business hub in the Middle East. It is home to some 5000+ active companies representing more than 106 countries around the world.
Mr Shyam Sunder Pasari explained about the trade bilateral relations. He said that – the bilateral trade between India and United Arab Emirates (UAE) grew by 300% in the last five years with UAE emerging as India's top most trading partner representing 60% of India's export to GCC countries in 2009-10. The total bilateral trade increased from $ 12,945.87 million in 2005-06 to $ 43,469.50 million in 2009-10. The exports from India went up from $ 8,591.79 million in 2005-06 to $ 23,970.40 million in 2009-10. Similarly, imports from UAE went up from $ 4,354.08 million in 2005-06 to $ 19,499.10 million in 2009-10. The top five exportable items from India to UAE are gems and jewellery, petroleum crude and products, rice (basmati), machinery and instruments and manufactures of metals. Similarly, top five importable items from UAE to India are petroleum (crude and products), gold, pearls, precious and semi-precious stones, metal ferrous ores and metal scrap and non-ferrous metals. In 2010-11, the UAE remained the largest importer of gold jewellery, precious and semi-precious gems from India, accounting for 47 percent of the total Indian exports in the segment. India has a vast market and UAE investors would find industrial partners in India to set up mutually advantageous industrial complexes in the Gulf as well as in India and third countries to cater to the markets worldwide.
Mr. Aseeb Abdul Khader, CA Ashok Sridharan, Investment Consultants of RAK Investment Authority, Mr. Srinivas Ayyadevara, Vice President, Mr. M.V. Rajeshwara Rao, Secretary General, FAPCCI have addressed to the gathering.