Tawazun Economic Council invited to showcase successes of the UAE’s offset program to international industry audience in Paris

Abu Dhabi, UAE; 14 June 2012 – The Tawazun Economic Council, the organization mandated to oversee implementation of the United Arab Emirates’ (UAE) offset program, co-hosted a symposium for an international audience representing various sectors – such as defense and aeronautics – in Paris today. The Council introduced the Tawazun Economic Program at the European Club for Countertrade & Offset (ECCO) event and highlight how it has partnered with world-class players to create multi-million dollar joint ventures in the UAE.
The Council was established to promote industrial partnerships, facilitate technology and knowledge transfer, as well as build capacity in specialized fields. Its Tawazun Economic Program – established only 20years ago – has since created several multi-million dollar joint ventures in the UAE in various economic and industrial sectors, including ship building and aircraft leasing.
ECCO – an association that brings together European companies and individuals involved in offset and countertrade – organizes symposiums to deliberate matters related to trade, international law and government procurement. The events it holds encourage networking among its members as well as the exchange of best practices.
Speaking to an audience of countertrade officials and industry leaders, Mohamed Al Mosa, Acting Manager of Foreign Affairs in Tawazun Economic Council’s Industrial Development Unit, presented an overview of the Tawazun Economic Program, its focus areas, as well as the opportunities and benefits that come with being a trusted partner of the UAE.
He said: “Countries like the UAE are seeking to expand their commercial imprint and develop trade opportunities outside their own markets. We see the UAE as perfectly positioned to capitalize on these changes; our economy is well-supported, strategically planned and steadily booming. Likewise, the UAE is gradually moving from a pure defense buyer to also a defense supplier, and we are increasingly being seen as a viable global hub for multiple industries.
“The success of the Tawazun Economic Program over the last 20 years has enabled us to create new business opportunities, pioneer new products and services, and build a workforce capable of delivering at the highest international standards; countertrade is playing a key role in facilitating this development. ,” he concluded. The symposium took place on the sidelines of Eurosatory, the international land, airland defense and security trade show that takes places in Paris every two years, in which Tawazun is participating in under the UAE Pavilion.
About Tawazun Economic Council
Tawazun Economic Council, formerly known as UAE Offset Program Bureau (OPB), was established in early 1992 to oversee implementation of the UAE’s Tawazun Economic Program (previously the Industrial Development Program) and to derive economic and commercial value from the country’s extensive defense procurement program, in line with UAE’s continuous strive to modernize and acquire state-of-the-art defense systems.
To date, the Program has resulted in the creation of several multi-million dollar joint ventures in various economic and industrial sectors including shipping, district cooling, aircraft leasing, fish farming, healthcare, agriculture, banking and education.
As with other leading programs in the world, the Tawazun Economic Program evolved over the years to cater for the economic and industrial needs of the country. In early 2008, an initiative to restructure the existing policy into a more interactive one was launched. This initiative is aimed at further enhancing the Program’s role within the UAE, improving the options for defense contractors’ involvements, and maintaining its edge of creating strategic and sustainable projects within the country. To ensure the success of this new policy, the Program is being supported by an active Offset Committee and Defense Contractors Council (DCC).