Dr. Mohammed Alzarooni, Chairman of World Free Zones Organization, addresses NAFTZ conference in Los Angeles, USA

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Dr. Mohammed Alzarooni, Chairman of World Free Zones Organization, addresses NAFTZ conference in Los Angeles, USA

In a time, when many economies are being affected by the implications of recent developments, such as falling oil prices, strengthening of the US dollar and softening of the Chinese economy, the move to a global value chain supporting the new global trade order provides both challenges and opportunities in the pursuit of sustainable economic growth, World Free Zones Organization (World FZO) Chairman, Dr. Mohammed Alzarooni told participants in a special session of the American National Association of Foreign Trade Zones (NAFTZ) 43rd Annual Conference and Exposition.

With an ever-shifting macroeconomic landscape, the role of Free Zones as hubs for economic activity has impacted the dynamic of international trade, investment flows and manufacturing supply chains, Dr. Alzarooni said. Free zones have rapidly expanded because they offer a proven investment and economic development tool for the global value chain.

Globally, 1% of the working population now works in Free Zones. In the US, though, free zones employ one tenth of that figure. Logic dictates, and I strongly believe, that the free zone model will continue to be a vital component of Americas trade policy.

The 43rd NAFTZ Annual Conference and Exposition recently concluded in Los Angeles, California, USA. The meeting is the largest Foreign Trade Zone (FTZ) related event in the United States. The conference brought together over 420 participants under the theme, FTZs: A Star Attraction for U.S. Trade and Investment.

In his speech, Dr. Alzarooni highlighted some important strides the World Free Zones Organization has made toward the goal of being recognized as a driver of local prosperity and socio-economic sustainability.

In May this year we were delighted to host our inaugural Free Zone Outlook International Conference and Exhibition. Over a memorable few days, 675 attendees from over 70 countries had the opportunity to share knowledge, ideas and best practice for creating Free Zones of the future.

He added: As the global association of free zones, we believe it is our strategic role to facilitate exchange of best practice and present platforms such as the Free Zone Outlook International Conference to explore how we can augment and further develop the role of free zones. The second edition will happen in May 2016 in Dubai.

We continue our progress of the World FZO Observatory, our research platform created to build a comprehensive knowledge database of free zones around the world. The research conducted will inform international economic and trade policies and provide Free Zones with strategic insights to help them develop targeted strategies that deliver desired outcomes.

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