New ‘Free Zone Laboratory’ designed to develop free zone operations led by industry experts
In a first of its kind initiative aimed at empowering free zones around the world through expert advice and guidance, World Free Zones Organization (World FZO) has announced the launch of the ‘Free Zone Laboratory’. The unique initiative features an array of advisory services which will help develop the operations of free zones and enable them to boost their contribution to the global economy.
Dr. Mohammed Al Zarooni, Chairman of World FZO, said: “The fast-evolving global market environment demands that economies need to be more resilient and highly competitive to succeed amidst challenges. It is clear that free zones are a key pillar to the growth of national economies, which is why it is important that we continue to harness their strength and enable them to become future-ready. Our existing and new initiatives will help them tap new opportunities in an increasingly complex environment.”
The new ‘Free Zones Laboratory’ will provide advanced services which will educate and guide the management of free zones to achieve higher efficiency, in a holistic and evolved approach. It covers all the key aspects of free zones operations, from strategizing and managing operations and attracting investments, to managing supply chains, human capital and understanding legal framework.
The Free Zone Laboratory provides advisory in several aspects such as investment attraction and export promotion; strategic planning and free zone performance management; operations management, supply chain management and competitiveness; and legal and regulatory framework; human capital development – capacity building; and country reports.
Dr. Samir Hamrouni, CEO, World FZO, noted: “As part of our mission to continuously improve the ease of doing business within free zones, we have designed several initiatives that could support free zones in managing their resources. Through the unique knowledge and experience of our key experts from various disciplines, free zones can be guided in further consolidating their operations. The Free Zone Laboratory will serve as a hub for future directions and recommendations aimed at delivering positive outcomes.”
World FZO has deployed a dedicated team of experts across regions to serve as guide to these free zones on various aspects of their operations. The new services also target to set a benchmark for emerging businesses to boost their capabilities. Country reports regularly published by the World FZO will provide the indicators for businesses worldwide.
There are over 3,000 free zones worldwide to date which have brought economic successes to countries by diversifying the economic sources of income as they attract foreign direct investment (FDI), increase export activities, and generate local employment, among many other advantages.