Monday, December 22, 2008
Jafza to set up free trade zone in India
posted on 21/12/2008
Jebel Ali Free Zone Authority (Jafza), the flagship brand of the world's biggest developers and operators of economic zones and business parks, Economic Zones World (EZW), will set up a free trade warehousing zone (FTWZ) at Raigad, in Maharashtra, India.
Jafza has been given an ‘in-principle' clearance by the Board of Approval in the Commerce Ministry for setting up a SEZ on the country's western coast.
The SEZ to be built over an 85.12-hectare area will host free trade warehousing firms, provide state-of-art logistics to companies doing trade and business with companies across Asia, the CIS and Africa.
"FTWZ would position India as an international centre for trading,” said LB Singhal, Director, Export Promotion Council – EOUs and SEZ.
While India's merchandise trade is expected to grow up to US$500 billion (Dh 1,837bn) in the current fiscal, it suffers from the lack of global standard logistics such as warehousing. However, the absence of such facilities in the midst of growing trade offers business opportunities to investors in the area of logistics.
Jafza is expected to extend its vast knowledge and experience from its Dubai operations and from other parts of the world.
Jebel Ali Port in Dubai is a part of DP World, which is the fourth largest port operator in the world.
Jafza spans 49 square kilometres and is situated between Jebel Ali Port – the world's seventh largest seaport – and the upcoming Jebel Ali International Airport, the world's largest cargo airport near Dubai International Airport.
In its 21 years of operation, Jafza has posted more than 300 times growth in its number of companies expanding from 19 in 1985 to about more than 6,000 in 2007.
When the FTWZ in Maharashtra, India, is developed, it will be able to give partners an easy and quick access to many ports across Asia, the Commonwealth of Independent States as well as Africa. – Emirates Business