Dubai-based World Free Zones Organisation (World FZO) and the United Nations Industrial Development Organisation (UNIDO) have signed a memorandum of understanding (MoU) enabling the new multilateral to promote the advantages of free zones for sustainable industrial development worldwide.
The terms of the MoU aim to enhance global investment and expand trade by introducing successful UNIDO development initiatives to World FZO members and educating developing economies about the benefits of using free zones.
World FZO and UNIDO will work together to provide technical support, guidance and training in international trade, industrial development and free zones, to developing countries (or those with economies in transition) as well as free zone authorities, operators and users.
World FZO, a global non-profit organisation, aiming to increase collaboration between all economic free zones, was launched in Dubai on May 19. It’s open to free zones from any UN member countries and has so far attracted 14 members, including the Dubai airport free zone and the Shanghai pilot free trade zone.
At the signing of the MoU in Dubai, Dr Mohammed Lamine Dhaoui from UNIDO, said: “Our mandate is to accelerate inclusive and sustainable industrial development in developing countries and this agreement will enable both parties to achieve our mutual goals. We will also work on promoting domestic investment for leveraging foreign direct investment.”
World FZO chairman Mohammed Alzarooni added: “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.”