Building Trust in Free Zones: Insights from World FZO’s AICE 2023 Panel 1

The World FZO’s 9th Annual International Conference and Exhibition, held on May 2-3 in Dubai, brought together industry leaders to discuss the theme of “Global Trade 2.0: Zones, An Ecosystem of Trust Driving Prosperity.”


IFZA Official

The event began with an interesting session titled “An Ecosystem of Trust: How to Build, Operate and Sustain It”.

The session featured a panel of experts and thought leaders, including Director of Strategic Projects and International Developments at The Institute of Export & International Trade Kevin Shakespeare, World Customs Organization Deputy Secretary General Ricardo Trevino, IFZA CEO Jochen Knecht and Dominican Republic Minister of Industry His Excellency Ito Bisono.

Here are some of the key takeaways from the panel discussion:

  1. Standardized Digitization Is the Way Forward

Digitization is no longer about turning paper documents into digital ones. It is about transforming digital documents into data that can be used for specific purposes. By standardizing digitization, zones can build a more trustworthy and transparent environment.

  1. Customs Should be Strategic Partners

Customs play an important role as strategic partners in building trust within Free Zones. They help to bridge the divided borders between parties within the ecosystem while driving trade facilitation.

  1. Collaboration is Key

Instead of working in silos, industry players must team up to create and drive a larger impact. There is a growing importance of mutual benefits and stressed that trade facilitation should benefit both parties in a transaction. 

  1. Trust is Built on Simplification and Translation 

Simplifying things for people and translating regulations into a language that everyone can understand, is more crucial now than ever. IFZA’s specially curated ecosystem helps partners beyond company formation, citing the example of IFZA Academy, which offers knowledge-sharing workshops and seminars on topics such as compliance. By providing these resources, IFZA aims to build a more transparent and trustworthy environment that can accommodate businesses from all over the world.

  1. Practicality and Trust Go Hand in Hand

People tend to trust those who are practical in their approach and who can demonstrate that they understand the industry and its challenges.

As the official title sponsor, IFZA’s support of this global event is part of our commitment to forging longstanding partnerships that aim to contribute to Dubai’s leadership position in the global Free Zone industry.

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