Canadian trade delegation visits RAK FTZ; eyes closer collaboration

As part of its efforts to boost investments into Ras Al Khaimah and providing added impetus to trade cooperation within the Emirate, the Ras Al Khaimah Free Trade Zone (RAK FTZ) – one of the fastest-growing and most cost-effective free trade zones in the UAE – hosted a high-level Canadian Business Delegation comprising top companies across various sectors.

The business delegation was received by H.H. Sheikh Faisal Bin Saqr Al Qasimi, Chairman of RAK FTZ, in his Royal Majlis. H.H. Sheikh Faisal welcomed the delegation and interacted with the members; assuring them of all support in future trade cooperation within the emirate.

Organised in close cooperation with the Embassy of Canada, Abu Dhabi, The General Consulate of Canada, Dubai and Ras Al Khaimah Chamber of Commerce and Industry (RAKCCI), the one-day business mission involved a series of meetings and presentation, which involved key officials at RAK FTZ, RAKCCI, RAK Maritime City and other RAK government departments and companies operating in the emirate.

The delegation was led by H.E. Kris Panday, Consul General of The General Consulate of Canada in Dubai; officials from the Embassy of Canada and the Canadian Business Council were also present during the meetings, which included representatives from top companies from Canada.

The delegation comprised representatives from across various sectors including aerospace; agriculture industries & food/ seafood products; energy including renewable and cleantech; oil & gas; infrastructure including green-build; education including scientific research and innovation; Information & Communications Technology; healthcare/life sciences; education & training and financial services/banking and investment, among others.

The meetings culminated with a Q&A session and roundtable discussion on business opportunities as also the regulatory environment in Ras Al Khaimah.

In his comments on the visit, Oussama El Omari, CEO of RAK FTZ, said: “We are extremely privileged to welcome this high-level Canadian Business Mission to Ras Al Khaimah and showcase the world-class facilities and services on offer at RAK FTZ. We enjoy a strategic business relationship with Canada, which is a very important market for us and today we discussed a series of close cooperation opportunities across key sectors between RAK FTZ and Canadian companies. The cost effectiveness of setting up business at RAK FTZ, coupled with value-added services and easy access to do business are salient advantages we offer at the free zone.”

More than 100 Canadian companies operate in RAK FTZ. “The visit will go a long way in building the strategic relationship that the UAE enjoys with Canada. This mission was a great opportunity to strengthen our positioning as a business hub geared at helping SMEs set up base in RAK FTZ and grow their presence in the Middle East, given our strategic location. Our talks today focused on developing commercial partnerships in the future. We definitely see vast potential in any future cooperation that may arise out of this trade mission,” said El Omari.

The networking event also provided a unique opportunities for Canadian companies to gather market information and intelligence besides gaining insights into the trade experiences in RAK. The visit follows the success of many Canadian companies within RAK, including VLINX which is involved in RAK Port IT Management Systems; Aakar Developers which has invested in Al Marjan Islands and Streit Manufacturing, involved in assembly of armored vehicles, among other players.

According to the most-updated statistics available, UAE’s imports from Canada were valued at $1.18 billion [AED 4.32 billion] in 2009; and the trade between the two countries stood at $1.7 billion in 2008. UAE is also Canada’s largest export market in the Middle East and North Africa region.