Jebel Ali Free Zone Drums Up Brazilian Business
by Mike Godfrey, Lowtax.net, Washington
12 May, 2014
Representatives from the Jebel Ali Free Zone (JAFZA) in the United Arab Emirates (UAE) conducted a roadshow in Brazil between April 28 and May 7, 2014.
The intention of the roadshow was to showcase the business opportunities available to Brazilian businesses in the greater Middle East region including West and South Asia, Africa, and the Commonwealth of Independent States, and the role that Jafza can play as a trade hub.
Adil Al Zarooni, Senior Vice President of Jafza, commenting on the seminars, said: "UAE is Brazil's 2nd largest trade partner in the entire Middle East region. Brazilian exports to the UAE are estimated to have grown by 15 percent last year to over USD2.7bn, which still accounts for less than 2 percent of Brazil's global exports of over USD244bn."
"Huge opportunities exist in the UAE and the region for Brazilian exporters to capitalize on, not only in the food but also in other sectors such as infrastructure development, which includes steel, automobile, electrical equipment, pharmaceutical, healthcare, cosmetics and beauty care etc., which are Brazil's strength."
The roadshow followed the visit of Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to Brazil, when he pledged to enhance the UAE's relations with Brazil and other Latin American countries.
The free zone has had ties with the region for over four years through Apex Brasil, an agency which promotes Brazilian trade and investment, which established its regional hub in Jafza in 2009. It operates an incubation center in the Free Zone to support Brazilian businesses to access business opportunities in the region's rapidly expanding markets.
Jafza offers a number of business incentives, including 100 percent foreign ownership, zero percent corporate tax for 50 years, zero percent import or re-export duties, zero percent personal income tax, and unrestricted repatriation of capital and profits. The zone is located nearby Jebel Ali Port, Dubai – the largest port in the Middle East region.
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