Belgium Seeks Stronger Ties With Jafza
by Lorys Charalambous, Lowtax.net, Cyprus
24 December, 2014
Dominique Mineur, the newly appointed Ambassador of the Kingdom of Belgium to the United Arab Emirates (UAE), recently visited Dubai's Jebel Ali Free Zone (Jafza) to discuss ways to further strengthen bilateral trade and commercial relations with the free zone.
Mineur was accompanied by Pierre Annoye, Economic and Commercial Attaché for the Walloon and Brussels–Capital Region. They were received by Salma Ali Saif Bin Hareb, the CEO of Economic Zones World and Jafza, and Asim Al Abbasi, the free zone's CFO.
Welcoming the two Belgian diplomats, Salma Hareb stressed the need for stronger relations between the two sides. She said that Jafza is in a position to facilitate Belgian trade with West Asia, the Commonwealth of Independent States and Africa.
"Jafza-Belgium trade has more than doubled in the last five years," she added. She said that opportunities to further increase the trade volume between the two sides should be exploited.
The bilateral trade between Jafza and Belgium mostly comprises precious and semi-precious stones, metals, automotive equipment, machinery, textiles, and electrical equipment. Huge possibilities exist in the construction and infrastructure sector, as well as in IT, renewable energy, pharmaceuticals and healthcare, according to a statement from Jafza.
Dubai is estimated to be home to 120 Belgian companies. More than 40 of them are located in Jafza.
The free zone offers a number of benefits to companies established in the zone, including 100 percent foreign ownership, zero percent corporate tax guaranteed for 50 years, zero percent import and re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits.
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