Business venture: Emirati project head looks to Pakistani investors

"Pakistan is an important market for AFZA and investment from the country has been growing over the last few years," DG AFZA Mahmood Al Hashemi.

KARACHI: To lure Pakistani investors, Ajman Free Zone Authority (AFZA) Director General Mahmood Al Hashemi is coming to Pakistan from the United Arab Emirates in the third week of current month.

“Pakistani companies are taking full advantage of the business potential in the Middle East. They comprise over 20% of the 9,000 companies registered with the Ajman Free Zone,” the DG was quoted as saying in a press release on Wednesday.

Hashemi will come to Pakistan and address an investors’ seminar and a press conference in Karachi on the 19th and 20th of February respectively. The visit is aimed at initiating and building long-term economic cooperation between Pakistan and the UAE.

AFZA officials say they are offering all the necessary facilities to ensure that Pakistani investors get the best services and products. These products and services are aimed at attracting investments from all sectors including trade, services, IT and manufacturing.

“Pakistan is an important market for AFZA, which was established in 1988 and granted autonomous status, and investment from the country has been growing over the last few years,” Hashemi said. Ajman serves as a favourable destination for Pakistani businesses due to its close proximity to Pakistan, he said.

He pointed out that the most important characteristics of AFZA were flexibility of transactions and ease with which procedures were executed with business licences issued in 24 hours.

The free zone offers advantages such as 100% foreign ownership and repatriation of capital and profits, no personal income tax, low labour cost, the only downtown free zone in UAE and diverse range of licences for trading, services and industrial activities.

“With so many free zones operating in the region, the Ajman Free Zone is the first to offer flexible payment facilities to its clients of up to 12 instalments. This will promote entrepreneurship as the entry-level cost of doing business is reduced giving an opportunity to young entrepreneurs and supporting mid-level operating businesses,” he said.