Hyderabad: The World Free Zones Organization (WFZO), a network of 540 member Free Zones globally, has chosen Hyderabad to be the Regional headquarters for its Asian operations. Free Zones are a class of special economic zones (SEZs) created to encourage economic activities. Special or liberalised tax laws are made applicable to companies in these zones.
Srikanth Badiga, a city-based realtor, chairperson of IACC (Indo American Chamber of Commerce) Hyderabad Chapter has been appointed as its regional director. He is on the committee to revive SEZ Policy under the Ministry of Commerce.
Badiga said WFZO chose Hyderabad among many other trade centres in Asia because of a proactive government. The Asian Regional Office will formally begin operations in the third week of December. Registered and established in Geneva, Switzerland, WFZO has its global headquarters at Dubai. WFZO has 540 members from 113 countries with more than 50,000 plus companies in the free trade zones.
The WFZO is a body that provides an authoritative and collective voice representing the interests of free zones around the world. It works closely with World Bank, World Trade Organization (WTO), United Nations Conference on Trade and Development (UNCTAD) and the World Customs Organization.