Iraq joins world free zones federation
Part of the Iraqi capital, Baghdad. Photo: Shafaq News
Baghdad (IraqiNews.com) – Iraq’s Industrial Cities Corporation (ICC) announced on Thursday that it joined the World Free and Special Economic Zones Federation (FEMOZA) in cooperation with the United Nations Industrial Development Organization (UNIDO).
The Director of the ICC, Hamid Mohammed, said in a statement that the move demonstrated the value of international collaborations in accomplishing the ICC’s goals in light of shifting global trade, market dynamics, and land and rail transportation, as well as in fostering professional interactions with Iraq by utilizing its advantageous location.
Mohammed indicated that the FEMOZA is considered an internationally known federation committed to promoting sustainable economic zones and has links with 200 countries in the world.
The Director of the ICC clarified that by utilizing the FEMOZA and its extensive worldwide network, this action represents the goals of the ICC in fostering investment, innovation, and economic diversity.
Mohammed illustrated that the move will increase foreign investment in Iraq and strengthen the ICC’s capacity to create and oversee industrial zones that support international business participation and sustainable development.
According to the Iraqi official, by utilizing the experience of specialized international organizations, the move will also hasten Iraq’s industrial growth.