Dubai’s Freezone Model Can be Adapted for Latin American Economies

The inaugural Global Business Forum on Latin America, which was organized by Dubai Chamber of Commerce and Industry, was held at Atlantis the Palm, on November 9 and 10, 2016. This event was aimed at exploring and identifying existing trade and investment opportunities in the region and was attended by more than 500 prominent stakeholders.

While speaking in a session titled Accelerating Diversification- The Power Zones, His Excellency Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry, said “Free zones are clusters of the economy that have diversified Dubai, enabling us to achieve what we have done today. it’s a great concept that gives it a major advantage. So, if other countries take this concept and are able to address it in that way and reach an underserved market where they can distribute to, I think it can work there as well. “

While speaking on the panel, Nasser Al Madani, Board Member of the World Free Zones Organization and Assistant Director General of Dubai Airports Free Zone, mentioned that he sees 100% foreign ownership as the main attraction for companies setting up in Dubai’s free zones.

Paul Griffiths, CEO of Dubai Airports, observed that expansion of direct flights between the UAE and Latin America can be seen as first step towards boosting bilateral trade. He also expressed optimism that the development of Dubai World Central Phase 2 will enhance the capacity in the near future to foster trade links between Latin America and the Middle East.