Zonescorp attracted $1b FDI in two years

abu dhabi - A high-level investment delegation from Japan visits Industrial City Abu Dhabi 1

The Higher Corporation for Specialised Economic Zones, or Zonescorp, has attracted $1 billion foreign investment in the past two years.

This was stated at a presentation given to a high-level investment delegation from Japan on a visit to Industrial City Abu Dhabi 1, managed by ZonesCorp.

ZonesCorp briefed them on the industrial infrastructure in Abu Dhabi and on creating an effective commercial environment to support growth and economic diversification with specialised economic zones.

The visit was headed by the director-general of the JCCME UAE-Japan desk who was accompanied by a senior consultant from Nomura Research Institute in Japan to study the investment opportunities in Abu Dhabi and look at best practices for managing economic zones.

ZonesCorp is rapidly becoming one of the leading destinations for industrial investment in the region. This includes investment by some of Japan's biggest industrial and manufacturing names, including Mitsubishi Hitachi Power Systems, Adeka Corporation, Nippon Steel and the Sumitomo Metal Corporation.

During the visit, the group also toured a number of the top facilities operating in the economic zones and the Worker Residential Cities, showcasing the extensive infrastructure available to investors and the broad mix of companies that have set up facilities.

The tour included a visit to Neopharma, which is one of the world's leading pharmaceutical manufacturers with a facility in ICAD 1.

The visit took place as part of a wider delegation of Japanese statesmen and business leaders visiting Abu Dhabi to attend the 4th Abu Dhabi-Japan Economic Council hosted by the Abu Dhabi Department of Economic Development.

The aim of the Council is to strengthen economic ties between the two countries, promote trade and investment, build long-lasting trading relationships and encourage advanced knowledge and technology transfer.

Saeed Issa Al Khaili, Acting CEO at ZonesCorp, said the ICADs are a natural fit for Japanese investors looking to access the emerging markets of the Middle East and the more mature markets of the West.

The Higher Corporation is the largest developer of industrial zones in the emirate, where it developed five industrial zones with a total area of nearly 50 kilometres; it has developed more than 500 industrial projects within the Corporation's zones in Abu Dhabi and Al Ain.

The Zonescorp in partnership with the private sector has developed 27 labour cities with a capacity of 360,000 workers. The capacity will increased to 500,000 workers.

- haseeb@khaleejtimes.com