Following the successful global launch and unveiling of the World Free Zones Organization in Dubai last month by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, the entity today announced the signing of a strategic memorandum of understanding (MoU) with the United Nations Industrial Development Organization (UNIDO), for the promotion of inclusive and sustainable industrial development.
The MoU – which was signed by World FZO Chairman of the Board of Directors Dr. Mohammed Alzarooni and Dr. 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 stated that 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, countries with economies in transition, and free zone authorities, operators and users.
During the signing of the MoU, Chairperson Dr. Mohammed Alzarooni said: “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.”
Dr. Mohammed Lamine Dhaoui from UNIDO said: “UNIDO’s mandate is to promote and accelerate inclusive and sustainable industrial development in developing countries and economies in transition, 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 (FDI). It is a pleasure to be collaborating with the first multilateral organization based out of the United Arab Emirates.”
World FZO, which is open to all member nations of the United Nations, 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.