MEDIA RELEASE PR42013
World Free Zone Summit Calls for Increased Synergy Between Free Zones
RAS AL KHAIMAH, UAE, Nov. 3 /PRNewswire-AsiaNet/ --
- His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and
Ruler of Ras Al Khaimah, Opens Prestigious Summit
The two-day World Free Zone Convention 2010 opened at Ras Al
Khaimah's Al Hamra Convention Centre today with a clarion call for increased
cooperation between the world's free zones to ultimately benefit their
clients and remain profitable.
The 10th edition of this industry event, hosted by Ras Al
Khaimah Free Trade Zone (RAK FTZ), was inaugurated by His Highness Sheikh
Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah,
in his first-ever official event since becoming the emirate's ruler.
The World Free Zone Convention 2010 will hosts over 200
international and regional delegates reviewing the opportunities ahead for
free zones worldwide in the current economic climate.
H.H. Sheikh Saud said: "We welcome initiatives such as the
World Free Zone Convention that further underline Ras Al Khaimah's profile as
an important free zone innovator on an international level. The convention
comes at an important time when our economic policies are beginning to
deliver success and leading to strategic partnerships with key players across
the world."
Held under the patronage of H.H. Sheikh Saud, the prestigious
two-day conference and exhibition featured a keynote address by Her
Excellency Sheikha Lubna bint Khalid bin Sultan Al Qasimi, UAE Minister for
Foreign Trade, is hosted by His Highness Sheikh Faisal bin Saqr Al Qasimi,
Chairman and Mr. Oussama El Omari, CEO of RAK FTZ and attended by Mr. Graham
Mather, World Free Zone Convention Chairman and President of European Policy
Forum, London & Brussels and other international dignitaries.
Oussama El Omari touched upon success factors for free zones
urging his peers to explore building relationships with their counterparts in
other countries in order to ensure expansion and increased market share.
"Many decision-makers in supra-national organisations such as
the World Trade Organisation, UNIDO, UNICTAD, OECD and the European
Commission make the superficial argument that when tariffs disappear economic
incentives for free zones will die and zones will dissolve," El Omari said.
"They simply do not understand yet that zones have transformed themselves
into leading service centres for attracting foreign investment in the world
and are greatly needed."
In her keynote address, Sheikha Lubna pointed out to the
significant contribution made to the economy by the 36 free zones operating
in the UAE. "The UAE's Free Zone model has proved to be an excellent catalyst
for development in line with our vision for diversified economic growth. Our
free zones are very unique in that they were developed in accordance with an
economic development strategy that puts economic diversification and creating
a suitable economic and business climate as a top priority," she said.
"Moreover, the total value of Foreign Direct Investments that
have flowed into the United Arab Emirates (through free zones) has reached
approximately USD 73 Billion (AED 268 billion), making us the second most FDI
attractive country in the Arab World, according to the UN Conference on Trade
and Development [UNCTAD]," Sheikha Lubna said.
The minister added that the UAE is ranked 14th globally in the
number of new Foreign Direct Investment (FDI) projects in 2009, accounting
for 230 projects or 1.7 per cent of the overall global share of new FDIs, as
per the UNCTAD report. "We have been able to successfully grow our projects
by 123 per cent in just a span of five years," she said.
"Free zones in the UAE play a very important role in
international trade and re-export activities. The UAE is now one of the top
commercial centers in the world and this is further strengthening the
competitiveness of its investors as they enter new markets and expand their
commercial operations," Sheikha Lubna said.
The convention also featured Graham Mather, Chairman, World
Free Zone Convention Chairman and President of European Policy Forum, London
& Brussels, along with a host of international dignitaries and important
speakers from various organisations around the world.
During the convention, free zone representatives will examine
ways to further attract the small and medium business (SMB) sector to operate
within their purview. "We believe that the global SMB sector is extremely
under-served and constantly explores cost-effective solutions to launch
business operations. Therefore, it is this important segment that will
continue to remain the focus of our dialogue during the convention," said El
Omari.
RAK FTZ is the Platinum Sponsor of the two-day conference and
exhibition, being held under the theme 'Gathering Global Support For Free
Zone Industry' and the slogan 'Harnessing economic zones worldwide to the
cause of economic recovery, dynamic growth and strengthened world trade.'
Details about the convention and its agenda are available on
About the Ras Al Khaimah Free Trade Zone Authority:
Ras Al Khaimah Free Trade Zone (RAK FTZ) is one of the
fastest-growing and most cost-effective free trade zones in the United Arab
Emirates (UAE). With a reputation for affordability, flexibility and broad
geographical reach, RAK FTZ is rapidly emerging as the preferred business hub
in the region, from which investors can easily access and branch into the
emerging markets.
Since its establishment in 2000, with only a handful of staff
and a few offices, the free zone has grown by leaps and bounds and is now
home to some 4,000+ active companies from 106 countries around the globe,
operates business and promotion centres in four locations in the UAE and has
an expanding international presence, with liaison offices in Germany, Turkey,
India and the USA.
RAK FTZ has also created a unique, four-park system comprised
of its Business Park, Industrial Park, Technology Park and Academy Zone, each
of which offers identical advantages and benefits to investors. With its
cutting-edge technology and keen customer focus, the free trade zone offers
on-demand and custom-built support services. Backed by legislation allowing
100% foreign ownership and 100% capital and profit repatriation, a tax-free
environment, and transparent laws, the free trade zone is well positioned for
global commerce.
To learn more about the RAK Free Trade Zone, visit:
For further information, please contact:
Cleo Eleazar
Public Relations and Media Officer
Ras Al Khaimah Free Trade Zone Authority (RAK FTZA)
Phone: +971-7-2077173
E-mail: c.eleazar@rakftz.com
Edward D'Mello
Senior Consultant
Sphinx Holding Public Relations
Tel : +971-50-6776153
Email: Edward.d@sphinxholding.com
SOURCE: Ras Al Khaimah Free Trade Zone Authority
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