RAKEZ initiates business outreach in India to attract new investment

Ras Al Khaimah Economic Zone (RAKEZ) engaged in a series of strategic business events in major Indian cities to strengthen economic ties and extend support to Indian investors exploring opportunities in the UAE.

The economic zone has been hosting B2B networking sessions, roundtable discussions and investor meetings in Kolkata, Mumbai, and Hyderabad, where its team is engaging with business owners and prominent business councils, including the Indian Chamber of Commerce (Kolkata) and the Federation of Telangana Chambers of Commerce and Industry.

The RAKEZ team connected with Indian investors from a wide range of sectors such as F&B, chemicals, metal, sustainable solution providers, telecommunications, engineering, construction, media, power and energy, automotive, pharmaceutical, and packaging.

RAKEZ also participated in leading Indian exhibitions such as Plastfocus in Delhi and INT-EXT Expo in Ludhiana, Punjab, to showcase its business solutions to potential investors in the plastics manufacturing and architectural industries.

The objective of this extensive business engagement in India is to present Ras Al Khaimah as a prime business location, highlighting the advantages of establishing operations within RAKEZ.

RAKEZ Group CEO Ramy Jallad highlighted the significance of the UAE-India relationship and the deep-rooted connections that extend beyond just trade and business. “The UAE and India share a long-standing relationship characterised by shared cultural and economic interests. India continues to be one of the UAE and Ras Al Khaimah’s most important markets for FDI.”

He added, “Our recent engagements across major Indian cities have been instrumental in portraying Ras Al Khaimah’s unique value proposition as a strategic business hub. Through direct interactions with Indian entrepreneurs and investors during the trip, we have not only showcased our comprehensive business solutions but also created tangible opportunities for growth and collaboration. We are committed to supporting Indian businesses in leveraging Ras Al Khaimah as their launchpad for regional and global expansion, benefiting from our business-friendly environment, central location, strategic partnerships, and the robust CEPA 2022 framework that reduces many tariffs and barriers to trade between the  two countries. Our aim is to ensure that Indian investors find not just a market in the UAE but a home for their businesses where they can thrive and expand.”

Over 5,300 Indian companies have established their operations in RAKEZ, attracted by the benefits of full company ownership, full profit repatriation, and integration into the UAE’s extensive international business network, which offers access to regional markets in one of the wolrd’s lowest tax environments. These firms not only enjoy strategic partnerships with government and private entities within the economic zone but also gain from agreements with Indian organisations such as the Indian Economic Trade Organisation and the Indian Chamber of Food and Agriculture, enhancing support for Indian businesses.

RAKEZ further welcomes Indian delegations, including government officials, business council members, and budding entrepreneurs, featuring prominent companies like Royal Gulf Industries, Mahindra, Motherson Sumi Systems, Dabur Naturelle, Ashok Leyland, Datamatics among its vibrant business community. To continue supporting Indian investors, RAKEZ maintains a dedicated branch office in Mumbai, India, ensuring a seamless connection and assistance for Indian enterprises looking to expand their reach.

The economic growth of Ras Al Khaimah continued to accelerate in 2023, with the Development of Economic Department reporting a 10 per cent increase in the total capital of valid business licences issued. This figure reached Dhs7.8 billion, demonstrating the emirate’s strong economic momentum.

The industrial sector particularly shone, achieving a 5.3 per cent annual growth rate in valid licence capital. Commercial licences likewise experienced a healthy 14.4 per cent annual increase, bringing their total capital to approximately Dhs4.8 billion.

Further, highlighting this upward trend, new licence issuance surged by 35 per cent in the final quarter of 2023, reaching a total of 1,778. New industrial licences saw an even more striking rise, increasing by 46 per cent. Notably, the capital of these new industrial licences doubled year-on-year, climbing from Dhs322.7 million in 2022 to Dhs721 million in 2023, representing a remarkable 123 per cent growth rate.

Amina Qahtan, the Director of the Department of Commercial Affairs at the Economic Development Department, attributed this exceptional performance to the wise leadership and government initiatives promoting a more flexible and business-friendly economic environment.