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, 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.