Chinese Delegation Visits Jebel Ali Free Zone
by Lorys Charalambous, Lowtax.net, Cyprus
21 November, 2014
The Chairman of China's Qingdao Port, Zheng Minghua, and the port's Deputy Director General, Zhang Kingaya, visited Dubai's Jebel Ali Free Zone (Jafza) on November 17, 2014.
Welcoming the two officials, Salma Ali Saif Bin Hareb, CEO of Jafza and Economic Zones World, said: "China is one of Dubai and Jafza's top trade partners; 60 percent of China's trade with the region is routed through the Jebel Ali Port and the Free Zone."
She said Jafza looks forward to forming a strong bilateral relationship with Qingdao Port, which is an important manufacturing center in East China. She pointed out that Jafza is currently home to more than 238 Chinese companies, including leading multinationals, such as SINOPEC Group, Sinochem International, China National Petroleum Corp, CSCEC, and China Railway Engineering Middle East.
"The bilateral trade between Jafza and China has posted more than 5.5-fold growth in the last ten years, growing from AED4bn (USD1.09bn) in 2004 to AED46bn in 2013. The growth reflects growing interest of Chinese multinationals in the Middle East region and their desire to use Jafza as their re-export hub," Hareb said.
The benefits available to companies established in Jafza include 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.
Qingdao Port, located in China's Shandong Province, is one of the busiest ports in the world. It is home to three industrial zones: Qingdao Economic and Technological Development Area, Qingdao Free Trade Zone, and Qingdao High-tech Industrial Zone, and is considered a center for heavy industries like iron and steel. The port has been the second largest in China in terms of foreign trade throughput for years.
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