Day 2 Highlights: Innovation and Collaboration at the World Free Zones Organization Congress 2024

The day began with Jim Hageman Snabe, Chairman, Siemens and member of WEF Board of Trustees, Denmark, who encouraged a shift from crisis anticipation to strategic foresight. Citing Charles Dickens, he remarked on the complexities of our current world, advocating for collaboration to unlock significant opportunities for growth.

He was then followed by H.E. Gerhard Schröder, former Chancellor of Germany, who highlighted the need for diplomacy in addressing global conflicts. He emphasized the role of technology and education in shaping future competitiveness, calling for agility and interconnectedness among nations.

A Warm Welcome

The Congress was then graced by H.E. Abdulla Bin Touq Marri, Cabinet Member and Minister of Economy, who focused on the resilience of the UAE’s economy. He noted that Free Zones, which are home to over 60,000 companies, play a crucial role in driving economic diversification and job creation. With a target of attracting $150 billion in foreign direct investment by 2031, the UAE continues to solidify its status as a top global logistics hub.

H.E. Dr. Mohammed Al Zarooni, Chairman of the World Free Zones Organization, spoke passionately about the evolution of Free Zones organisation over the past decade. From a modest 14 members to 1,600 members from 41 countries, the organization has worked tirelessly to reshape perceptions and champion the global free zone industry. He emphasized the importance of sustainability and innovation in navigating today’s economic challenges.

Embracing Vision and Collaboration

The spotlight then turned to Martin G. Pedersen, Chairman of IFZA, who delivered a compelling keynote that resonated deeply with the audience. Pedersen reiterated the significance of Free Zones as ecosystems that foster collaboration among diverse businesses. He shared his personal journey and the founding of IFZA in 2017, which has successfully incorporated over 45,000 businesses in Dubai. This achievement underscores the belief in commerce’s power to unite people and facilitate economic growth.

In his address, Martin Pedersen articulated the “superpower” of businesses to cross borders and build bridges, calling upon attendees to view challenges as opportunities for innovation and partnership. He stressed the importance of supporting entrepreneurs and creating an inclusive economic model, echoing the UAE’s commitment to sustainable growth and the D33 vision.

The Future of Logistics: Transformative Innovations

The first plenary session, moderated by John Defterios, focused on the “Future of Logistics” with panellists Radu Dinescu from the IRU, Dr. Holger Bingmann from the ICC, and Hanan Al Kozaimi from the UAE’s Ministry of Energy and Infrastructure. They discussed how COVID-19 highlighted supply chain vulnerabilities but also created opportunities for re-evaluating logistics frameworks. Dinescu emphasized the need for “re-globalization” to sustain economic growth, while Dr. Bingmann highlighted that digitalization enhances speed, security, and efficiency in trade. Al Kozaimi pointed to the UAE’s commitment to automating services and transitioning to clean energy, aiming for net-zero emissions by 2050. This session underscored the pivotal role of free zones in driving digital transformation and championing sustainable practices in logistics.

Future of Access to Finance

Anjani Trivedi moderated the session on the “Future of Access to Finance,” where experts examined innovative trends in FinTech and strategies to improve capital access for businesses in free zones. Dr. Sidi Ould Tak from BADEA and Santiago Rojas Arroyo from CAF shared valuable insights on how development finance institutions can unlock new investment sources.

The day concluded with an engaging session on the “Future of Energy,” moderated again by John Defterios. Experts discussed the role of innovation and policy in the transition to sustainable energy systems.

IFZA’s Continued Commitment

As the title sponsor, IFZA played a crucial role throughout the day, exemplifying its commitment to fostering a resilient and innovative business ecosystem. Martin Pedersen encapsulated this vision: “Businesses hold the power to transform communities, uplift nations, and shape the future of entire continents. Together, we can create meaningful impact”. His focus on collaboration and empowerment resonated with participants and underscored IFZA’s role as a leader in the industry.

IFZA’s dedication to fostering a resilient and sustainable future for free zones was evident in every discussion, emphasizing its pivotal role in advancing the industry.

Looking Ahead

As Day 2 comes to an end, the collaborative spirit and forward-thinking discussions set a promising tone for the future of free zones. With a strong commitment to innovation and sustainability, IFZA continues to pave the way for a resilient global economy.

Stay tuned for updates on Day 3 as we explore more insights from the conference and continue to highlight the vital role of free zones in shaping global trade.