Tawazun Economic Council hosts ADIOC 2017

ABU DHABI, -- Under the patronage of His Highness 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, started today.

Sponsored by the Ministry of Defense and organised by the Tawazun Economic Council, the conference is being attended by the global defense industry, government officials and sector experts.

The biennial event, themed "Enticing opportunities: The Role of Industrial Partnerships in a shifting economic landscape", is organised with the support of a plethora of UAE defense organisations. 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 edition 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.

Mohamed Ahmed Al Bowardi, UAE Minister of State for Defense Affairs, in his keynote speech thanked the unlimited support of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for making the UAE achieve 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," he added.

"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, Saif Mohamed al Hajeri, in his speech noted, "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". He went on to state that, "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".

He added, "Developing a manufacturing capabilities portfolio would contribute to transforming UAE into a globally recognized center of manufacturing excellence."

Matar Ali Al Romaithi, Chief Officer of the Industrial Development Unit at Tawazun Economic Council, said in a statement marking the start of ADIOC 2017 that "since our last meeting in 2015, there has been aggressive movement towards achieving our objectives and realizing our mandate. We are positive that whatever new resolutions will come out of this years' meeting will only solidify these objectives for the UAE and the international defense community. It is also an opportunity for us to display and highlight certain Tawazun Economic Program success stories during the meeting, as we are optimistic about the future cooperation between the UAE and other countries to continue setting up integrated projects to create more job opportunities and contribute towards diversification of UAE industries."

Source: Emirates News Agency