UNIDO, World Free Trade Zones sign MoU on industrial development

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ABUJA – The World Free Zones Organisation (WFZO) said it signed a Memorandum Understanding (MoU) with the United Nations Industrial Development Organisation (UNIDO) for the promotion inclusive and sustainable industrial development.

This made known by WFZO’ Director for , Mr Chris Ndibe at a news conference in Abuja on Thursday.

Ndibe said that the MoU, which signed between both organisations on May 19 in Dubai, United Arab Emirates, targeted at enhancing investment and expansion trade.

He explained that the MoU, members both bodies would exchange development initiatives.

According him, the MoU is also meant educate developing economies about the uses and advantages of free zones through knowledge transfer as well as utilising UNIDO’ expertise where appropriate.

He said the WFZO and UNIDO would collaborate provide support, guidance, education and developing countries, countries with economies in transition, free zone authorities, operators and users.

Ndibe, who is also the Executive Secretary, Free Zones , added that the organisations would build strong, robust and diverse economies for the future as well as educating the public on the benefits of free zones scheme.

According to him, we will work to promote domestic investment for leveraging Foreign Direct Investment (FDI) into member countries. (NAN)