SHARJAH, 27th March, 2019 (WAM) — The Sharjah Airport International Free Zone, SAIF ZONE, recently held an expanded business meeting with a high-ranking Chinese delegation interested in making Sharjah a centre of their operations in the region.
The 60-member delegation comprised officials and businessmen from the Chinese Business Union and Society, Liaoning Business Council, Shanghai Business Union and Society and other Chinese bodies and institutions.
It was led by Xu Xiao Ping Acting Chairman of the Chinese Business Union and Society, accompanied by Wang Mingfeng, Vice President of the Chinese Business Union and Society. The delegation also included Fan Yewei, Chairman of the Liaoning Business Council, Ms. Zhang Qiongying, Chairman of Shanghai Business Union and Society as well as other Chinese officials and representatives of the Chinese embassy in Dubai.
During the meeting, the Chinese team was briefed on SAIF Zone services and exclusive advantages offered to investors to attract foreign investments and create conducive environment investors are looking for, which made it one of the most important free zones in the region. Bilateral meetings were held between Chinese businessmen and Emirati counterparts to explore avenues of cooperation and the possibility of establishing new partnerships.
Saud Salim Al Mazrouei, Director of the Sharjah Airport International Free Zone Authority, reaffirmed the authority’s keenness to satisfy the growing needs of Chinese businessmen by providing new facilities and services, especially as China has become one of the UAE’s most important trade partners.
Calling on Chinese investors to make the most of the free zone’s competitive facilities especially in the service, industrial and trade sectors, Al Mazrouei said, “We are doing our best to meet the increasing needs of investors. We have currently more than 8,000 companies from around 165 countries operating in the free zone with Chinese investors having the lion’s share of total investments. We are ready to grant more facilities and privileges so as to support Chinese investments and encourage investors to take Sharjah and SAIF Zone as a springboard for their businesses in the region.”
The free zone’s incentives and advantages include 100 percent foreign ownership of businesses, 100 percent repatriation of capital and profits, and 100 percent corporate or personal income tax exemptions, 100 percent import and export tax exemptions. Incentives also include 24/7 services where all licences are issued within an hour, in addition to a hotline that guarantees immediate manpower and equipment, immediate shipment and customs clearance, 24/7 security and emergency services as well as labour accommodation within the free zone.
The Chinese delegation members expressed their admiration at SAIF Zone services, lauding its advanced infrastructure tailored to meet their investment requirements. They further highlighted their increasing interest to expand their businesses in the region’s markets through the zone, thanks to its fertile environment for business growth and investment development.