Sharqui was addressing a conference during his visit to India to attract more investment and create awareness about the facilities at the FFTZ in the Emirate of Fujairah. "Compared to other zones leasing tariffs are 20 per cent to 30 per cent lower. Overheads and running costs are around 36 per cent to 52 per cent lower," he said. The facilities offered were on par with what was available at Sharjah. Electricity charges were 50 per cent lower, he added.

Located outside the straits of Hormuz on the east coast of the United Arab Emirates, Fujairah offers business opportunities in the area of the trading, distributing, warehousing and manufacturing. "We are looking for investment in textile, steel, oil and oil by-products andother sectors as well," Sharqi said.

The FFTZ allows 100 per cent foreign ownership, free repatriation of capital and profits, no personal and corporate income tax among other facilities. There are also no currency or recruitment restrictions and import/export duties.

The zone also had attracted considerable European and American investment, he said, inviting more Indian firms to enter into joint ventures and set up their own subsidiaries in Fujairah.

Following the enthusiastic response to his visit from Indian firms, Sharqi said the FFTZ had decided to set up offices in the country. He would also increase the frequency of his visits to every six months.