11th World FZO Congress Emphasises Digitisation And Sustainability For Future Free Zones

The World Free Zones Organization's (World FZO) 11th annual World Congress is currently underway in Haikou, China. This year's event centres on digitisation and sustainability as pivotal elements for the future of free zones. Held at the Hainan International Conference and Exhibition Centre, it has attracted over 1,100 global leaders and experts under the theme "Zones: Gateways to Global Prosperity, Trade, and Sustainable Innovation."

Panels at the congress are delving into various topics such as trade corridors' future, the OECD Global Minimum Tax, and how digital transformation can enhance free zones' competitiveness. Sustainability is a key focus, with discussions on renewable energy, circular economy models, and green financing as essential for transitioning to net-zero economies.

A significant development at the event was the launch of the Global Free Zones Research Institute. This independent international think tank aims to advance research, policy dialogue, and capacity-building within the free zone sector. Dr Mohammed Al Zarooni, Chairman of World FZO, stated that this institute would be a global platform for innovation and collaboration.

Dr Al Zarooni emphasised that "This milestone reflects our commitment to ensuring that free zones remain engines of diversification, job creation, and long-term sustainable development." The institute will offer policy research, training, and consulting services to governments and zone authorities worldwide to help them adapt to new economic realities.

The congress also saw a Memorandum of Understanding (MoU) signed between six global free zones and five economic and technology zones in Hainan Province. This agreement aims to foster cooperation on cross-border data flows. Signatories include Dubai Integrated Economic Zones Authority (DIEZ), PIROT Free Zone (Serbia), Tatu City Free Zone (Kenya), Luanda Special Economic Zone (Angola), Santa Fiesta Free Zone (Argentina), and GAFI (Egypt).

From China's Hainan Province, partners include Haikou Jiangdong New Area and others. The MoU establishes a framework for enhancing digital security and seamless data transfer between zones. It supports innovation by creating mechanisms for exchanging best practices and regulatory alignment.

Dubai's Role in Digital Innovation

Dr Juma Al Matrooshi from DIEZ highlighted that the MoU aligns with Dubai’s ambition to strengthen its position as a hub for digital innovation. He noted that "This partnership opens new avenues for collaboration and knowledge exchange," enhancing Dubai’s influence in shaping smart economies' future.

The World FZO Congress will conclude tomorrow with discussions on emerging policy frameworks. These discussions will focus on how smart and green economic zones can support global prosperity in the coming years.

With inputs from WAM