Seize opportunity, Sri Lankan entrepreneurs told:
Huge potential to set up manufacturing factories in UAE
Harshini Perera
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Ananda
Rajapakse |
Sri Lankan entrepreneurs can take their companies beyond Sri Lanka’s
shores since there is a huge potential to set up new manufacturing
factories and branches in the United Arab Emirates (UAE). Sri Lankan
entrepreneurs have to meet the required standards and maintain the
quality of their products.
Hence, the Gulf region is a gateway to many Sri Lankan entrepreneurs
who are determined to set up their business in the Gulf and it will in
return bring foreign exchange to Sri Lanka, Managing Director, Ozbiz
Export Aid FZC, Ananda Rajapakse told Daily News Business.
He said that the imports in the Gulf Cooperative Countries (GCC) are
US$100 billion per year and there is a huge potential for new importers
from Sri Lanka. It is estimated that by 2030 the GCC will be the sixth
largest economy in the world, creating more opportunities for employment
and growth for manufacturers.
Hence, there are opportunities to export bottled-water, toilet
tissues, gift tea, ceramic ware and building materials.
Sri Lankan entrepreneurs can form companies that are 100 percent Sri
Lankan in free zone areas of the UAE. They will be offered certain
facilities such as 50-year tax-free holidays for companies, 5 percent
VAT and resident visas for directors of the companies, he said.
He said that the UAE has invested heavily on infrastructure and also
created the region’s largest free zone and port. Three new airports will
be constructed in Jebal Ali, Doha Qatar and Abu Dhabi soon. Therefore,
many Sri Lankans can secure employment with the setting up of new
factories and construction work. Hence entrepreneurs should be aware of
the opportunities in those countries, he said.
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