Panama city: The 12th annual World Free Zones Organisation (World FZO) World Congress was held in Panama City, focusing on the theme "Free Zones in the New Global Operational Model: Challenges and Opportunities". The event underscored the significance of economic zones in driving economic diversification, industrial development, and cross-border integration.
According to Emirates News Agency, the Congress was inaugurated by Jos© Raºl Mulino, President of Panama, alongside notable figures such as Luis Abinader, President of the Dominican Republic, and Dr. Mohammed Al Zarooni, Chairman of the World FZO. The event drew over 2,000 participants, including 27 ministers, global and regional business leaders, CEOs of economic zones, and senior government officials from more than 70 countries.
In his keynote address, President Mulino highlighted the importance of free zones in enhancing economic freedom and stimulating global trade. He emphasized that investment remains the central driver of development and wealth creation. Dr. Al Zarooni praised Panama's strategic role in global trade and logistics, acknowledging the government's efforts in co-organizing the event.
Dr. Al Zarooni, in his speech, pointed out the pivotal phase of the global economy, characterized by rapid transformations influenced by economic and geopolitical factors. He noted that free zones are crucial in helping businesses adapt and access new markets. He also discussed the impact of geopolitical changes, technological advancements, and increasing regulatory demands on the sector.
He further identified major trends, including the rise of generative artificial intelligence and the growing emphasis on sustainability within free zones. He stressed the evolving perception of free zones as strategic assets for innovation and growth, calling for stronger partnerships and flexible policies.
During the Congress, a Memorandum of Understanding was signed to establish the Caribbean Special Economic Zones Regional Association, aimed at fostering regional cooperation and engaging stakeholders. This association will provide a unified voice for the Caribbean in global discussions on economic zones and trade.
The World FZO also announced enhancements to its 'One Zone' digital platform, including a new website and members' portal to support global connectivity and knowledge exchange. The Congress featured an Executive Leadership Programme in collaboration with INCAE Business School, offering digital certificates to participants.
Additionally, a joint white paper by the World FZO and the United Nations Tourism Organisation on Tourism Special Economic Zones was launched. The study provides insights into operational frameworks and the potential of these zones, aiding policymakers in crafting future tourism investment strategies.
The Congress in Panama City highlighted the evolving role of free zones in the global economy, emphasizing innovation, sustainability, and strategic collaboration as key to future growth.