Fujairah Free Zone Authority (FFZA) is to target Indian service sector support companies, as part of plans to expand the 40,000 square meters facility. FFZA is looking to business from the Sub continent—that already accounts for 70 percent of the $300 million invested in the zone—to maintain its rapid expansion.
Last year the number of trading offices increased by 35 percent, compared with 2000, storage and distribution units by 26 percent and industrial premises by 15 percent. The authority, that recorded a 26.3 percent increase in foreign investment in 2001 compared with 2000, will promote its services at the World Free Trade Zones Expo (WFTZE), the first international exhibition for free zones, to be held in Mumbai, India, from September 30 to October 2, 2002.
“We see this Expo as a vital component of our campaign to further bolster investment in the free zone,” said Sharief Habib Al-Awadhi, director general FFZA. “ It is an ideal forum to highlight the advantages and opportunities for potential investors and to explain the role played by Fujairah's government in supporting investment activities.”
“We foresee expansion in small-scale industries catering to the service sector. We will be especially targeting service orientated and business logistics companies. The advantages of these industries are that they can be set up in a shorter time frame and yield good revenues,” said Al-Awadhi.
FFZA, which will exhibit in the United Arab Emirates (UAE) pavilion at WFTZE, was set up in 1987. It employs over 3,500 people in various industries, including assembly, communications and networking, consulting, contracting, distribution, engineering, investments, manufacturing and trading.
WFTZE will bring together for the first time operators, investors and regulators under one roof. It is targeting airport and port free zones, off shore zones, software technology parks, biotech parks, export promotion industrial zones, hardware technology parks, special economic promotion zones, info-media parks and dedicated real estate parks. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
