The General Administration of Customs – Abu Dhabi has announced the launch of the new bonded warehouse system which enables importers to store their goods imported from abroad through border ports without having to pay customs duties in a step that enhances the customs facilities package to stimulate and encourage trade and investment and attract capital to the Emirate of Abu Dhabi.
HE Rashed Lahej Al Mansoori, Director General of the General Administration of Customs – Abu Dhabi, said: “The General Administration of Customs – Abu Dhabi is working hard, with the continued support of the wise leadership, to promote the economic growth of the Emirate of Abu Dhabi by facilitating customs procedures and implementing modern systems to manage the various customs operations.”
He added, “In this context, we are pleased to launch the new bonded warehouse system, which was supported by a package of facilities for investors and traders to encourage investment in the Emirate of Abu Dhabi, in a way that effectively contributes to support economic growth.”
Al Mansoori explained: “The bonded warehouse concept refers to warehouses in which goods imported through border ports can be stored without the need to pay customs duties (by sticking a customs duty sticker thereon) until the final release of the goods, where the importer can store his goods for a certain period, mostly for a year extendable, under the supervision of Abu Dhabi Customs.”
Rashed Al Mansoori pointed out the positive economic impact of the new bonded warehouse system on the economic growth of the Emirate of Abu Dhabi, as it will increase the trade movement in the Emirate as well as the movement of goods in ports, which will be positively reflected on its revenues, and create some employment opportunities and assimilate more labor in conjunction with the increase in the percentage of customs bonded warehouses in the Emirate, which enhances customs levy both as customs revenues or in return for provision of license for customs bonded warehouses.
On his part His Excellency Rashed Abdul Karim Al Balushi, Undersecretary of Abu Dhabi Department of Economic Development praised new bonded warehouses system initiative launched by Abu Dhabi Customs and described it to be an important step towards boosting the foreign trade of the Emirate of Abu Dhabi considering that it motivates investors to have Abu Dhabi as a hub for re-export of their goods and commodities.
He indicated that the Emirate of Abu Dhabi has a developed infrastructure able to assimilate the implementation of many initiatives and projects that motivate investors and businessmen, which helps facilitate their business and provide an attracting investment environment for their trade and investment activity, explaining that the bonded warehouse system achieves a competitive advantage for the foreign trade of the Emirate of Abu Dhabi and helps expand the re-export activity by availing the Emirate’s advantageous geographical position as in intermediate position between the world continents.
The Undersecretary of the Department stated that the bonded warehouse system will help create new investment areas that would enhance the role of the private sector companies in the Emirate in the areas of storage and transportation by establishment of bonded storage areas for goods under the supervision of Abu Dhabi Customs and relevant entities in line with the Abu Dhabi Government vision on development of the logistic transport support sector.
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