UAE- Free zones pact set to boost industrial growth
The MOU —
which was signed by WORLD FZO chairman of the board of directors Mohammed
Alzarooni and Mohammed Lamine Dhaoui director of PTC/BIT at UNIDO — sets out
to enhance global investment and expand trade.
The world free zones organization (WORLD FZO) has signed a strategic
memorandum of understanding (MOU) with the un industrial development
organization (UNIDO) for the promotion of inclusive and sustainable
industrial development.
The WORLD FZO which was launched by Sheikh Mohammed Bin Rashid Al-Maktoum
vice president and prime minister of UAE and ruler of Dubai had
received worldwide attention during its launch as it comprises
representatives of established free zones as well as local regional and
international free zone
associations from across the world.
The organization a non-profit entity operating as an association for all
free zones around the world aims to transform the way in which many
economies around
the world operate.
The organization established in Geneva and headquartered in the Dubai
airport free-zone aims to enhance public and general knowledge and the
perception of
free zones.
It also aims to help increase awareness of the advantages of free zones in
terms of economic and social development foreign and direct investment.
The MOU — which was signed by WORLD FZO chairman of the board of directors
Mohammed Alzarooni and Mohammed Lamine Dhaoui director of PTC/BIT at UNIDO —
sets out to enhance global investment and expand trade.
Under the terms of the MOU both parties aim to achieve this objective by
introducing successful development initiatives from UNIDO to WORLD FZO
members educating developing economies about the uses and advantages of free
zones transferring knowledge experience and best practices and utilizing
UNIDO's expertise where appropriate.
The MOU also said WORLD FZO and UNIDO will collaborate to provide technical
support guidance and education/training in international trade industrial
development and free zones to developing countries with economies in
transition and free zone authorities operators and users.
'We are pleased to be collaborating with UNIDO to further enhance our
knowledge and to work together to help build strong robust and diverse
economies for the future as well as educating the general public about the
benefits of the free zone concept" said MOHAMMED ALZAROONI after the signing
of the MOU.
'We will work on promoting domestic investment for leveraging foreign direct
investment (FDI). It is a pleasure to be collaborating with the first
multilateral organization based out of the UAE" said Mohammed Lamine Dhaoui.
The WORLD FZO which is open to all member nations of the un aims to promote
a spirit of collaboration dialogue and guidance.
The MOU —
which was signed by WORLD FZO chairman of the board of directors Mohammed
Alzarooni and Mohammed Lamine Dhaoui director of PTC/BIT at UNIDO — sets out
to enhance global investment and expand trade.
