US pharmaceutical trade mission visits RAK FTZ, eyes investments
Visit to RAK Free Trade Zone facilitated by US-UAE Business Council
Commercial healthcare partnerships discussed with top US companies
As part of its mandate to boost healthcare investments into Ras Al Khaimah, the Ras Al Khaimah Free Trade Zone Authority (RAK FTZ) – one of the fastest-growing and most cost-effective free trade zones in the UAE – hosted a high-level US trade delegation of top healthcare and pharmaceutical companies.
The visit, involving over a dozen US companies representing the country’s healthcare and pharmaceutical sectors, was organised by the US-UAE Business Council – a progressive business advocacy organisation – in close cooperation with RAK FTZ. The visit is part of RAK FTZ’s mandate as Corporate Member of the US-UAE Business Council to host visiting trade delegations aimed at boosting co-operation in commercial business exchange and foreign direct investment (FDI).
The US trade delegation was also accompanied by representatives of the US-UAE Business Council, which is comprised of nearly 100 members from a broad range of US and UAE commercial sectors. During the visit, RAK FTZ’s top management showcased the key facilities and services on offer and highlighted the salient advantages for healthcare businesses to set up operations at the free zone.
The visiting delegation also held talks with top RAK FTZ officials on potential commercial partnerships and its regulatory environment. Most members of the visiting delegation were from US pharmaceutical companies with a regional presence across the Middle East.
In his comments on the visit, Oussama El Omari, CEO of RAK FTZ, said, “We are extremely privileged to be able to showcase the world-class facilities, services and investor-friendly environment we offer at RAK FTZ for the US pharmaceutical and healthcare companies. The cost-effectiveness of setting up business at RAK.
FTZ and the value-added services and easy access to neighbouring markets we offer are salient advantages which are unmatched in the region.”
He added, “In the changed global business environment, a strategic presence in the Middle East has become absolutely paramount. At RAK FTZ, we not only offer unmatched benefits, but also a strategic hub-and-bespoke destination for businesses, for those who wish to expand not only in the UAE, but also to the rest of the Middle East and North Africa. In addition, Ras Al Khaimah has a long history in the pharmaceutical industry – Gulf Pharmaceutical Industries (Julphar) here in RAK was the first in the region. We definitely see vast potential, especially in the research sector, in any future co-operation that may arise out of this visit. We are thankful to the US-UAE Business Council for facilitating this mission and are privileged to be a part of this wonderful network.”
It is worth mentioning that the top pharmaceutical and biotechnology companies across the world have presence in the UAE, including Pfizer, Johnson & Johnson, Abbott Laboratories, Wyeth, Amgen, Schering-Plough, Baxter International and Procter & Gamble, among others. “A vast majority of these pharmaceutical companies based in the US are market leaders in their individual spectra. They are aggressively looking for business partnerships in the region, given the huge potential on offer, and we look forward to closer working relationships in the future,” El Omari added.
According to the latest statistics available, the non-oil foreign trade between UAE and US between January and September 2010 has touched a total volume of USD 8.7 billion in value terms, including imports to the order of USD 8 billion, exports valued at USD 189 million, and re-exports worth USD 436 million.
The US delegation is in the UAE to take part in Arab Health, the Middle East’s largest healthcare trade show. The trade mission’s programme focuses on the development of the UAE healthcare system and highlights opportunities for potential commercial partnerships between US and UAE companies. The mission is certified by the Commercial Service of the US Department of Commerce and is supported by the UAE Embassy Trade and Commercial Office in Washington D.C.
