World FZO signs strategic agreement with UNIDO

Dubai (WAM): The newly-launched World Free Zones Organisation (World FZO) on Sunday announced the signing of a strategic memorandum of understanding (MoU) with the United Nations Industrial Development Organisation (UNIDO), for the promotion of inclusive and sustainable industrial development. World FZO says the MoU which was signed by its Chairman of the Board of Directors, Mohammed Al Zarouni, and Mohammed Lamine Dhaoui, Director of UNIDO's the Business, Investment and Technology Services Branch of the Programme Development and Technical Cooperation Division (PTC/BIT) 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 utilising UNIDO s expertise where appropriate. The MoU also states 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. World FZO, which was launched in Dubai last month by Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, is open to all member nations of the United Nations. The organisation received worldwide attention during its launch last month, as it comprises representatives of established free zones as well as local, regional and international free zone associations from across the world. During the MoU signing of the MoU, Al Zarouni 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." Mohammed Lamine Dhaoui of UNIDO said, "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 organisation based out of the United Arab Emirates." – Emirates News Agency, WAM