AHMEDABAD: Sharjah Airport International Free (SAIF) zone of the United Arab Emirates has launched a major initiative to attract Gujarat investors, promising them complete freedom in their business operations.

"SAIF zone will be an advantage to the state's entrepreneurs. We are ready to offer all help to the prospective investors," said SAIF Zone deputy director general Sheikh Saqer Al Qassemi.

"We offer hassle-free business environment, as there is no taxation at all...no corporate tax, no income tax. The investor can repatriate full profits," Al Qassemi, who is in the city to interact with entrepreneurs, told media persons.

Launched in October 1995, the free zone, the first ISO-9001 certified airport free zone, has attracted 1,187 firms from 62 countries by the end of 2003.

"As many as 48 percent of the firms in the zone are from India," Al Qassemi said. The leading Indian companies in SAIF are Infosys Technologies, Godrej and Ashok Leyland.

"The biggest advantage there is the huge middle class market in Sharjah itself," said Piruz Khambatta, chairman of the Confederation of Indian Industry (Gujarat council), while narrating his experience of doing business in SAIF.

Khambatta's Pioma Industries, which manufactures a wide range of food products under the brand name of Rasna, is one of the first Indian companies to set up its base in SAIF.

"It also helps in the way that they love all things Indian. Another benefit is the lifestyle the city offers. My employees are very happy to be there," Khambatta said.

Ashok Varma, commercial director of SAIF, said the free zone used to be primarily a trading hub but the scene had changed with more and more manufacturing firms setting up their bases there.

"We are not taking your business away. The zone is only a gateway to other markets. Our profit motive is to make full use of our infrastructure," he said.

Varma rolled out a red carpet for local entrepreneurs in the diamond trade and jewellery manufacturing to exploit the opportunities offered by the zone.

Al Qassemi said the zone had already implemented a single-window clearance system. "We offer trade license to the prospective investors in 24 hours provided all documents are ready."