Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE), has attracted foreign investment worth $300 million and is now home to some 5,000 active firms from 106 countries around the world.
"Pakistan is the third biggest market for RAK FTZ, and the free zone is looking to improve and succeed even more by demonstrating complete dedication to the region," RAK FTZ marketing representative Omar Ul Haq said. In his presentation, he briefed the media about the objectives of their visit to Pakistan. He said a marketing team of the trade zone was currently visiting Pakistan with an agenda to attract Pakistani businessmen to the free trade zone. "To achieve this, RAK FTZ is conducting a series of road shows and seminars in Pakistan." The first two-day show had started at Karachi on May 22, he added.
He said the purpose of these road shows is to showcase the free trade zone's as the 'home of Pakistani businesses'. Highlighting benefits, he said that entrepreneurs could invest and benefit from packages that offered residence visa, eligibility for a bank account in the UAE, peace, security, stability, 100 percent business ownership, 100 percent tax-free income, and room for growth and success.
With minimum amount of paperwork requirement, Pakistani entrepreneurs could avail this opportunity and set up their businesses at RAK FTZ, he said. "RAK FTZ has planned several activities in Pakistan." "RAK FTZ is certainly worth a close look for a majority of start-ups and existing Pakistani businesses and to create this awareness we are conducting this road show and seminar to enable Pakistani businessmen, entrepreneurs and investors to benefit from products and services available at the zone", he said.
He said Pakistan was the third largest market for the trade zone after India and UK. Many Pakistani origin investors were coming from the UK to invest and started their businesses at the free trade zone. The free trade zone, he said, offered visas of six different categories - general trading, commercial trading, consultancy, industrial, logistics and academic.
He said the zone is one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE). With a reputation for affordability, flexibility and broad geographical reach, free trade zone "is rapidly emerging as the preferred business hub in the region, from which investors can easily access and branch (out) into emerging markets.
The zone, he said, had promotion centres in four locations in the UAE, adding that it was expanding its international presence, with liaison offices in Germany, Turkey, India and the US. "We are considering opening our liaison office in Pakistan, too," he said. Commenting on business prospects in Ras Al Khaimah for Pakistanis, Oussama El Omari, the CEO of RAK FTZ, said: "At RAK FTZ, we have always supported pro-investment policies that are firmly rooted in the principles of free trade and promoting entrepreneurship."
"Through these road shows and seminars all around Pakistan, we are looking at establishing and nurturing strong business contacts with Pakistani entrepreneurs and companies," he said. "The cost effectiveness of setting up business at RAK FTZ, coupled with value-added services and easy access to do business with neighbouring regions are our salient advantages that are unmatched in the region."