EU Businesses Scope Out Sharjah Free Trade Zone
by Lorys Charalambous, Lowtax.net, Cyprus
11 October, 2016
Delegations from companies and organizations from six countries – Britain, Belgium, Italy, Greece, Hungary, and Lithuania – recently toured Sharjah Airport International Free Zone.
The tour was part of the UAE-Europe Business Forum, organized by the Sharjah Chamber of Commerce & Industry in cooperation with the London Chamber of Commerce & Industry.
The tour showcased the Zone's infrastructure and delegates were told of the Zone's many business-friendly attributes, including its exemption from corporate and personal income taxes and tax exemption for all imports and exports. Firms established in the zone may also repatriate funds with no currency restrictions, and there are also no restrictions on foreign business ownership.
Saud Salim Al Mazrouei, Director of the Sharjah Airport International Free Zone and Hamriyah Free Zone Authority, said: "We have very strong economic relationships with the companies from the European Union, and through such tours, we seek to develop these relationships and increase mutual trade benefits."
The businesses attending the tour were said to operate in various industries, including architecture, renewable energy, oil and gas, education, fashion and design, IT, food and beverages, tourism, logistics, business services, construction, consultation, and healthcare.
According to figures released by the European Commission, the United Arab Emirates is the European Union's 14th largest trade partner.
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