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Indian firms interested in Sharjah free zone
Thursday, 06 February 2003, 20:30 IST
NEW DELHI: Several Indian firms are finalising plans for setting up manufacturing and trading units in the Sharjah-based Hamriyah Free Zone to help them beat global competition, says a senior official of the zone.
"There is increasing interest among Indian firms to set up a base in our free zone," Zaheer A. Hussain, commercial director of Hamriyah Free Zone, told IANS.
"In the next few months we hope to finalise contracts with three major Indian companies planning to set up land-based heavy industries related to chemicals, steel and LPG (liquefied petroleum gas) bottling in our zone."
A three-member team from the Hamriyah Free Zone, visiting India for the third time in six months, said there was growing interest among Indian companies keen to locate operations in the zone with ready-to-occupy offices and warehouses.
The zone has a 14-meter-deep harbour and a new inner harbour of five to seven meter draft catering to the needs of shipping companies to offload dry cargo.
"While looking for blue chip companies to set up heavy industries, we are simultaneously looking at quick decisions by companies keen to avail of our logistic advantages in terms of both office space and warehouses," said Hussain.
While encouraging light to medium industries, Hussain emphasised that the Hamriyah Free Zone Authority was "accentuating more on heavy industries".
India is high priority among the regions the free zone is focusing on to woo investors.
Of around 285 units in operation in the free zone, 25 percent are Indian. At least 50 percent of the units are industrial units.
One of the major Indian firms operating in the zone is Allana Group, which has set up grain silos for import and supply to local and neighbouring markets.
Engineering major Larsen and Toubro also has a base there and is looking to expand its operations to set up a warehouse.
Among the major heavy industries in the Hamriyah zone is BP Amoco's refinery, the steel-casting unit of Emirates Techno Casting, Italian desalination plant fabricator Belleli Energy and Mammut Building Systems and Speciality Chemicals.
"We are in talks with some Indian, Pakistani, Italian and U.S. based groups about setting up units that will see investment in the region of $50-100 million each," said Hussain.
Besides holding roadshows in Mumbai and New Delhi, the Hamriyah team is taking part in the ongoing mega infrastructure show organised by the Confederation of Indian Industry (CII).
Hamriyah officials plan to be back soon to clinch several of the proposals they have received during the visit to Mumbai earlier this week.
Officials from the zone are reaching out to Indian companies through chambers like the Associated Chambers of Commerce and Industry of India (Assocham).
"This trip has been very good, with companies approaching us with a keen desire to get more information and set up operations at the earliest," said Leela Karunaratne, senior marketing and sales officer of Hamriyah Free Zone.
Officials said the United Arab Emirates (UAE) was a safe investment destination.
"The fact that there are just 10 percent cancellations in the investment plans indicates that Sharjah and the Hamriyah Free Zone in particular is attracting considerable interest," said Hussain.
Source: IANS
Source: IANS