site.btaRAK Investment Authority Present Possibilities for Investment in UAE

RAK Investment Authority  Present Possibilities for Investment in UAE

Sofia, February 4 (BTA) - The RAK Investment Authority of the
United Arab Emirates (UAE) presented the possibilities for
investment in their country at a news conference in BTA's Press
Club on Wednesday.

RAK CEO Probir Chakraborty noted that suppliers of European
goods and services are welcome in UAE. He noted that investors
may avail themselves of a fast procedure of business licence
issuing. A high number of small and medium-sized companies have
set up business structures in this country because the economy
is liberal, the procedures are fast and the possibilities in
terms of tax reliefs are good, he noted.

Chakraborty noted that they have not confined themselves to a
single sector and quoted as an example successful investments in
the production of chocolate, technical components, dairy
products, construction and engineering.

RAK said they could support any Bulgarian company willing to
make business in UAE. There is no requirement to use local
workforce, so businessmen can use their own human resources.

"In 2015, we will work in close cooperation with the Bulgarian
Chamber of Commerce and Industry (BCCI) in order to develop a
programme on increasing the awareness of Bulgarian citizens,"
RAK said. At the beginning of the week they held meetings with
around 40 representatives of the local business at BCCI.

Gabriela Dimitrova, Director of International Cooperation and
International Organizations Directorate at BCCI, recalled that
the Chamber and RAK signed a Memorandum of Understanding on
Monday.

The past three years have seen a considerable growth of two-way
trade and, in particular, of Bulgarian exports to UAE, BCCI
wrote on its website referring to figures of the Bulgarian
Economy Ministry. In 2013, bilateral trade stood at 400 million
US dollars, with Bulgarian exports accounting for 345.8 million
US dollars.