Salubrity Pharma Was With Dubai Partners In Vietnam – Dubai Trade Forum
- November 10, 2017
- Posted by: adminsalubritypharma
- Category: Company activities
Over the past several decades, the United Arab Emirates (UAE) has been transformed into one of the world’s most robust economies. Based on a very successful economic diversification plan, the UAE Government has succeeded to attract an important number of foreign entrepreneurs seeking for development and expansion opportunities in the Middle East. Dubai – Vietnam Trade Forum taken place in Hochiminh city, Vietnam in November 2017 was an example of UAE’s efforts to encourage trading with Asia. Salubrity Pharma and many Dubai partners had a very good meeting about pharmaceutical cosmetic manufacturing fields.
Recent surveys show the United Arab Emirates as the 25th largest exporter in the world. The UAE also has one of the most complex economies in the world, according to the Economic Complexity Index (ECI). The key to the UAE’s success has been economic diversification; indeed, oil now accounts for only one-third of the country’s GDP. Free zones provide a congenial environment for the acceleration of economic development by attracting investment, generating employment, and earning foreign exchange. For instance, in free zones 100 percent foreign ownership is permitted, whereas foreign participation in any domestic company is restricted to 49 percent. In addition, foreign firms established in free trade zones are exempt from paying personal income taxes and corporate taxes for 30 years. Import goods meant for free zones are also exempted from duties.
Dubai has become a particular icon of entrepreneurship and success, in no small part due to free zones. One such zone, the Jebel Ali Free Zone, or Jafza, was established in 1985 and is Dubai’s biggest exporting zone, serving as a key factor in the city-state’s remarkable growth. There are now 26 free zones in Dubai, and more are in the development stage. The government of Dubai also established the Dubai Multi Commodities Center (DMCC), a major free trade zone, to enhance the trading of commodities.
Dubai has a broad foreign trade network extending to more than 220 countries and featuring marketing outlets for a diverse portfolio of goods and services. Indeed, products from Dubai and other emirates are exported to over 198 markets around the world. As a member of the UAE, Dubai is part of the world’s third largest export and re-export center after Hong Kong and Singapore. Dubai also has some of the world’s leading multi-modal logistics capabilities. The city-state is served by more than 170 shipping lines and 120 airlines. The establishment of al-Maktoum International Airport in 2010 was another significant milestone that has defined Dubai as a major powerhouse of the global logistics industry.
The World Bank recently ranked the UAE as the 26th easiest place to do business and the 5th easiest place to trade across borders out of 185 countries worldwide. The salient features that create this business-friendly environment are:
- No personal income capital tax
- No corporate taxation
- 100% repatriation of capital and profits
- No currency restrictions
- Competitive import duties (5% with many exemptions)
- Minimum government control and regulation of private sector activities
- Abundant energy supply
- Competitive freight charges
- Competitive real estate cost.
Given its strategic location between East and West, the UAE—and particularly Dubai—has emerged as the strategic gateway to trade in the Middle East—the major trade network connecting Asia with the Mediterranean and North Africa. As a result of this location as well as the above factors that make the emirates an attractive place with which to do business, trade between the UAE and the emerging economies of India and China has increased exponentially.
Notice: Trade between the UAE and India
India is the UAE’s largest trade partner. The UAE’s economic, political, and cultural links with India date back to more than a century ago when bilateral trade began. The Indian community is the largest expatriate community in the UAE, numbering around 1.5 million. The UAE’s other major trade partners are China, the United States, the United Kingdom, Germany, Saudi Arabia, Indonesia, Iran, Oman, and Jordan. As such, trade is predominately concentrated in Asian markets.
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