Seize opportunity, Sri Lankan entrepreneurs told:

Huge potential to set up manufacturing factories in UAE

Harshini Perera

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.