The Hamriyah Free Zone Authority (HFZA) received a high-level delegation from the Indian state of Telangana led by Bhasker Reddy, President of the Federation of Telangana Chambers of Commerce and Industry (FTCCI) in November 2021.
Saud Salim Al Mazrouei, Director and senior management of HFZA received the visiting delegation comprised of representatives of companies specialising in iron and steel, mining and foodstuff.
The meeting discussed enhancing cooperation and taking advantage of the benefits the Emirate of Sharjah and HFZA offer to the companies wanting to invest in a stable environment equipped with integrated services and robust infrastructure for the prosperity of their businesses.
The meeting also reviewed HFZA’s successful experience in attracting foreign direct investments, particularly the Indian investments headquartered in the free zone. At present, 60% of HFZA’s investors are from India
The Indian delegation was briefed on the services the free zone provides, from the ease of issuing various licences to the distinctive administrative, technical and logistical services, down to the smart platforms and digital services that make HFZA one of the world’s most flexible free zones.
They were also briefed on the competitive advantages and growth opportunities the Emirate of Sharjah offers to investors, thanks to its strategic location connecting East and West and its interconnected land, sea and air transportation network.
While welcoming the delegation, Al Mazrouei highlighted the strength of the UAE-India economic ties, reflected in the increased growth of investments.
India is the second-largest trading partner of the UAE, accounting for nine percent of the UAE’s total trade volume. During the first half of this year, the value of bilateral trade amounted to US$21 billion, an increase of 70 percent compared to the same period last year.
Al Mazrouei pointed out that the Hamriyah Free Zone has managed to attract many Indian investors due to its advantages and facilities.
Hamriyah Free Zone sets its sights on attracting further Indian investments by offering more facilities that help businesses expand in the Middle East and Gulf Cooperation Council in various sectors, particularly the foodstuff and manufacturing sector, he noted.
Al Mazrouei reviewed the economic diversification policy adopted by the Government of Sharjah, which aims to take the emirate to new heights of industrial and commercial development.
The Indian delegation members ended their visit with a tour of the authority’s facilities, lauding the expansive area and state-of-the-art infrastructure.
They also affirmed the willingness of the Federation of Telangana Chambers of Commerce and Industry to work together with HFZA to develop relations, especially in the sectors that Sharjah and the Telangana focus on at present.