Tawazun Economic Council Hosts ADIOC 2017

16.02.2017 UAE
Tawazun Economic Council Hosts ADIOC 2017

Tawazun Economic Council Hosts ADIOC 2017

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Held under the patronage of H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the Abu Dhabi International Offset Conference (ADIOC) starts today. ADIOC is organized by the Tawazun Economic Council and is being attended by the global defense industry, government officials and sector experts.

The biennial event, taking place at the Ritz-Carlton Abu Dhabi, Grand Canal under the theme “Enticing opportunities: The Role of Industrial Partnerships in a shifting economic landscape”, is organized with the support of a plethora of UAE defense organizations. It brings together representatives of global defense contractors, governments and industry experts from several countries to discuss the latest trends in the offset and counter-trade industry, share their partnership experiences and discuss the growing role of offset in a rapidly developing economy.

In its 6th chapter this year, the event represents an important opportunity to exchange expert views and share best practices in offset’s core principles such as economic diversification, foreign direct investments, technology transfer, fair trade, and joint co-operation between countries.

H.E. Mohamed Ahmed Al Bowardi (photo), the UAE Minister of State for Defense Affairs, gave a keynote speech at the opening session of ADIOC. He said, “Thanks to the unlimited support of His Highness Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, the UAE’s President, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohammed bin Zayed bin Sultan Al Nahyan, Crown Prince of Abu Dhabi and Supreme Commander of UAE Armed Forces, the UAE has achieved remarkable economic milestones in recent years. Our wise Leadership believes in the great role played by the economy in fueling the development march over 45 years, with the defense manufacturing being the key driver of the economy.”

“The military manufacturing sector of the Ministry of Defense plays an integral role in supporting defense systems and the UAE Armed Forces whilst streamlining the UAE’s economic diversification plans. The sector enjoys a prominent part in shaping defense policies and military manufacturing strategies for local industrial companies, supplying Armed Forces with their equipment needs, technologies, human sources, education and training, as well as with the state-of-the-art local and global defense systems and machines. This is achieved via expanding defense industry networks, boosting competitiveness amongst local companies, and motivating local companies to focus more on innovations to be able to provide cutting-edge military systems and equipment,” he added.

Highlighting progress achieved by the UAE in recent years, Al Bowardi stressed that the country is capable of being part of an integrated system for industrial development, expanding the defense manufacturing base in accordance with meticulously prepared strategies, studies and resources with an aim to build an international collaboration network, with the UAE being the global emerging hub for multiple industries.

Tawazun Chief Executive Officer, H.E. Saif Mohamed al Hajeri noted that “Manufacturing is a vital source of innovation, a significant contributor to research and development, and a key driver of both global trade and productivity growth. globalization of supply chains, changing geopolitical dynamics, technological innovation and the increase of advanced manufacturing capabilities among emerging economies all help to drive the modern era of industrialization”.

The Tawazun Economic Council was founded in 1992 to fulfill a vision of comprehensive and sustainable economic and social development within the UAE. The Council is responsible for the Tawazun Economic Program, formerly known as the UAE Offset Program, which was established to diversify the UAE’s economy and create new ventures in various sectors through partnerships with international defense contractors.

To date, the Program has resulted in the creation of several joint ventures in various economic and industrial sectors, including ship building, district cooling, aircraft leasing, fish farming, healthcare, agriculture, banking and education.

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