Jeannot Krecké, Minister of Economy and Foreign Trade of Luxembourg, was impressed with the policies and achievements of the Ras Al Khaimah Free Trade Zone (RAK FTZ) which is fully owned by Ras Al Khaimah (RAK) government, following a delegation visit yesterday.
The delegation which included representatives of the Ministry of Economy and Foreign Trade, the Luxembourg Chamber of Commerce and Board of Economic Development as well as businessmen, was received at the palace by His Highness Sheikh Saud Bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, and His Highness Sheikh Faisal Bin Saqr Al Qassimi, Chairman of Ras Al Khaimah Free Trade Zone.
The discussion focused on the current economic situation and other topics of mutual concern, and His Highness Sheikh Saud gave them an overview of the current developments in the emirate of Ras Al Khaimah that have the potential to benefit both parties. He also mentioned the facilities and services offered by RAK FTZ that would be beneficial for the members of the Luxembourg Chamber of Commerce.
Minister Krecké was very impressed with the similarities between RAK’s economic model and Luxembourg’s, especially the focus on sustainable growth, economic diversification, social development, security, and the environment.  Minister Krecké also mentioned their willingness to cooperate with the RAK government under His Highness Sheikh Saud’s endorsement to provide the best technical support for environmental study that will be beneficial for RAK.
Minister Krecké and the rest of the delegation also visited the Ras Al Khaimah Free Trade Zone and were received by His Highness Sheikh Faisal and Oussama El Omari, CEO of RAK FTZ. The visit served to explore business and economic ties, investment and trade and new avenues for cooperation between RAK and Luxembourg.
H.H. Sheikh Faisal underlined the importance of these visits to further enhance economic activity and cooperation between Luxembourg and RAK. “RAK FTZ is looking for partners in countries like Luxembourg to bring high quality companies and technical skills that would add value to the work force of RAK,†he said.
El Omari expressed his belief that investors from Luxembourg will benefit from the cost-effective environment of RAK FTZ, as well as its strategic logistics location and state-of-the-art infrastructure and mentioned the accessibility of the free zone’s business centres in Dubai and Abu Dhabi.
“RAK FTZ is proud to have Luxembourg as a potential partner,†added El Omari. “This visit will open up more opportunities and solid links between Luxembourg and Ras Al Khaimah.â€
PHOTO CAPTION: (Left-right) Oussama El Omari, CEO of RAK FTZ, H.H. Sheikh Faisal Bin Saqr Al Qassimi, Chairman of RAK FTZ, H.H. Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah and Jeannot Krecké, Minister of Economy and Foreign Trade of Luxembourg.
Ras Al Khaimah Free Trade Zone (RAK FTZ) is a world-class business hub and a vehicle for industrial growth and development. The free zone, with its cutting-edge technology and keen customer focus, offers on-demand and custom-built support services to investors in a cost-effective and flexible environment. The Free Zone also offers a range of unique services which include the legal, human resources and marketing assistance.
The Free Trade Zone has created a system of four Parks – Business Park, Industrial Park, Technology Park and Al Ghayl Industrial Park– which offer identical advantages and benefits to investors. Backed by legislations allowing 100 per cent foreign ownership, tax-free environment, transparent laws and 100 per capital and profit repatriation, the free trade zone is well-positioned for global commerce.
Ras Al Khaimah Free Trade Zone is one of the fastest growing free trade zones, with more than 4,700 companies from 106 countries around the globe.
