Angola is set to host a regional office of the World Free Zones Organization (WFZO), signifying a major leap in its economic development.
This decision, forged through an agreement in Luanda. Aligns with the Special Economic Zone’s (SEZ) strategy of expanding Angola’s global economic engagement.
The chairman of SEZ-Luanda-Bengo expressed that this move is in line with Angola’s efforts to energize the Southern African region.
Firstly, The establishment of the WFZO office in Angola is a strategic choice. Recognizing the country’s potential to invigorate the entire Southern African area.
The office will represent and support the region, with a particular focus on leveraging the opportunities presented by the Lobito Corridor. Certainly, an essential trade route in Angola.
This initiative is part of Angola’s larger plan to engage more actively in international partnerships, in other words as evidenced by its contributions to WFZO council meetings.
These efforts are aimed at bolstering support for countries in Southern Africa, reflecting Angola’s growing role as a regional leader.
Furthermore, the SEZ-Luanda-Bengo has achieved significant progress.
Underlined by the signing of 30 investment contracts and the establishment of industries in 2023, totaling around 4 billion dollars.
However, these developments highlight the SEZ’s effectiveness as an industrial and economic center in Angola and the broader region.
The WFZO’s regional office in Angola marks a strategic step in the country’s ongoing efforts to integrate more deeply into the global economy.
In other words, It is expected to bring new growth opportunities and enhanced collaboration within Southern Africa.
Solidifying Angola’s position as an economic hub in the region.
Background
The World Free Zones Organization (WFZO), with its office in a country like Angola, plays a vital role in boosting the local economy.
It represents and supports over 2,260 free zones worldwide, promoting their positive impact.
The WFZO focuses on setting high standards for these zones, enhancing global and local economic ecosystems, and providing essential knowledge and services.
This helps improve the efficiency of free zones, making them attractive for investment and business.
Additionally, the WFZO gathers and shares knowledge about free zones globally. Positioning them as key contributors to economic development and sustainable business practices.
In short, the presence of a WFZO office signifies a commitment to economic growth, job creation, and global economic integration.