Mitigating and Managing Disruptive Events: Insights from World FZO’s AICE 2023 Panel 2

The expert panel of speakers included Vice President IRU Switzerland Asli Calik, Oildata Energy Group CEO Emeka Ene, Director-General Transnational Alliance of Combat Illicit Trade Jeffrey P. Hardy, Luxembourg High-Security Hub CEO Philippe Dauvergne, and Strategos CEO Juan Carlos Buitrago Arias, moderated by Oliver Sykes.

The session highlighted how the world has grown more disruptive since the Covid-19 pandemic, proving that Free Zones cannot solely rely on resilience-based strategies. It is vital for Zones to be robust and have the ability to ensure operations continue to run during disruptive events in the unforeseen future.

The panel discussed how trade, transportation, investment, and communication between Free Zones across the globe increase global interconnectivity. They highlighted how Covid-19, supply chain breakdowns, and economic disruptive contagion effects prove the importance of Free Zones being dynamic.

One key takeaway from the session was the role and growing responsibility of global Free Zones, which are built based on trust. It plays a crucial part in building relationships between different stakeholders. There is also a strong correlation between higher trust and richer countries, while lower trust often results in poorer countries.

Confidence can often mask incompetence, which highlights an important pitfall that must be addressed when managing risks. Fostering honest partnerships and strong relationships rely on three critical elements commonly referred to as the 3Ts: trust, tenacity, and trustworthiness.

Mitigating the impact of disruptive events, it is important for Free Zones to look at managing their own RAT Race: resilience, agility, and trustworthiness. It is imperative for Free Zones to focus on building resilience and agility while maintaining trustworthiness to manage disruptive events effectively.

The AICE discussions shed light on the importance of building trust and strong relationships, simplifying processes, and embracing digitization to achieve efficiency in the global business environment. At IFZA, we pride ourselves on being at the forefront of these changes, and we are committed to providing our partners with a forward-thinking approach and peace of mind about their businesses. With our streamlined operation, global network of Professional Partners, and remote incorporation process, we aim to help entrepreneurs from around the world navigate the complex world of business with ease.