Ras FTZ a gateway for Pakistani industries to gain foothold in Europe

YarnsandFibers News Bureau 2015-03-23 15:00:00 – Islamabad

Ras Al Khaimah Free Trade Zone (RAK FTZ) is one of the fastest growing and most cost-effective free trade zones in the UAE and today is home to some 8,000 companies from over 100 countries, representing more than 50 industry sector. It is the best gateway for Pakistani industries to gain foothold in the dynamic Middle East region and lucrative markets in Africa, Europe and South Asia.

According to Ramy Jallad, Acting CEO, RAK- Free Trade Zone, investors from Pakistan who are looking for a safe, secure and solid base in the Middle East region to access the world’s most dynamic markets, the United Arab Emirates (UAE) offers significant benefits for them

RAK FTZ currently hosts nearly 400 Pakistani companies since it offers a tax-free environment and 100 percent foreign ownership. Home to an estimated 1.7 million Pakistanis vested in a wide variety of industries including textiles, raw materials, cotton, fabrics, clothes and clothing accessories, as well as building materials, rice, wheat, and food processing machines, the UAE has a bustling economy that is strengthened by its government's commitment to develop a world-class business environment, he informed.

It is to be noted that food and textiles top the list of export commodities from Pakistan to the UAE, with oil and gold leading imports from the Emirates. Both countries have also taken their financial expertise into the local market with Pakistan's Banks, which are operating in the UAE for over four decades, and four UAE banks present in Pakistan.

The UAE has become a leading global destination for foreign investment, as a result of its political stability, sound economic policies, business-friendly regulatory environment and zero tax regime.

The RAK-FTZ provides international investors a safe and secure environment in which to establish and grow their business operations, ranging from SMEs to subsidiaries of leading global companies.

According to Sheikh Ahmad Bin Saqr Al Qasimi, Chairman RAK FTZ, they make it as easy as possible to establish a business in the UAE, with fast-track licensing and registration, investor and worker visa issuance, freedom to source labour and materials globally, and ongoing business support services such as advertising, procurement, event management, recruitment and training assistance.

RAK FTZ provides the same free zone benefits - including 100 percent foreign ownership and world-class, ready-made facilities - that are available elsewhere in the UAE, but for substantially lower costs than free zones in other emirates, allowing clients to achieve the maximum return on investment.

The free zone has blossomed into a cost-effective gateway to fast-growing regional and global markets. Less than an hour's drive from Dubai, RAK FTZ offers a strategic geographical location that provides clients with easy access to a wide range of countries across the Middle East, Africa, Europe, and South Asia.

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