The 10th World Free Zone Congress has commenced in Dubai, highlighting five strategic sectors: the future of energy, access to finance, manufacturing, logistics, and digital innovation.
The congress aims to explore the evolving landscape of global trade and investment, emphasizing the pivotal role economic zones play in driving prosperity and fostering innovation.
Delegates from member countries, along with investors, exhibitors, and policymakers, are participating in this significant event.
The Deputy Trade Minister in Charge of Industries, Michael Okyere Baafi explained Ghana’s approach to leveraging the congress’ new focus.
“Free zones have come to stay and have transformed into a sector that brings hope to the world,” he stated. “As Ghanaians, we must capitalize on these opportunities to attract foreign direct investment, enhance access to finance, and embrace digitalization.”
He further emphasized the need to attract quality investments that will genuinely benefit the economy, noting that previous investments often did not yield significant returns. “Our mission here is to secure meaningful investments aligned with the new direction of global free zones.”
The congress also held discussion to address the challenges of balancing economic growth and inflation, particularly for developed nations, and higher risks emerging economies face due to limited policy flexibility, especially post COVID-19.
The Congress would provide a platform for Governments to utilize additional revenues to strengthen their fiscal capacity, reduce debt, invest in both physical and digital infrastructure, and bolster foreign reserve.
Policymakers have a unique opportunity to create attractive frameworks that encourage investments in projects stimulating long-term growth.
Investors in economic zones worldwide can seize this moment to unlock private investment opportunities, strategically crafting diversified and valuable ventures.
Various speakers highlighted the need to reflect on structural shifts in global fund flows, rising sovereign debt, and the evolution of trade networks, which will play a pivotal role in shaping the future business landscape.
The congress is held under the theme: “Zones and the Shifting Global Economic Structures – Unlocking New Investment Avenues.”
Free zones, also known as free trade zones or economic zones, are designated areas within a country where goods can be imported, stored, manufactured, and re-exported with reduced or eliminated tariffs and regulatory barriers. These zones aim to promote trade, attract foreign investment, and boost local economies.
Key features of free zone include: Tax Incentives, regulatory flexibility, Infrastructure support, foreign direct Investment among others.
The Executive Director of African Economies Zones Organization Farah Hanafi urged African leaders to strategically position by developing infrastructure and be innovative to take advantage of the new focus of free zones.
The post 10th World Free Zone Congress kicks off in Dubai with a focus on strategic economic growth first appeared on 3News.
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