Tawazun Economic Council announces signing of MOU with Belarus at IDEX 2017
Tawazun Economic Council announced today the signing of a strategic Memorandum of Understanding with the State Military Industrial Committee of the Republic of Belarus.
The MOU is in relation to future cooperation in the field of defense with the primary objective of laying a roadmap for cooperation in regards to certain areas of interest to both parties.
The Belarus delegation was invited to take a tour with H.E Saif Mohamed Al Hajeri, CEO of Tawazun Economic Council and Tawazun Holding, who gave the visiting dignitaries a brief on each of Tawazun’s subsidiaries after which he explained the role that both Tawazun and Tawazun Economic Council play that complement each other in terms of developing opportunities for the private sector by stimulating partnerships and encouraging growth in several sectors.
The joint cooperation will include projects related to heavy vehicles, air defense equipment, radio and electronic equipment. The agreement, announced on the sidelines of IDEX 2017, also includes the production, modernization, overhaul and delivery of aviation materials, materials for air defense, optical instruments, laser devices and tools for special purposes.
The MOU will also focus on radio-electronic equipment, reconnaissance and warfare, telecommunication and information systems.
The cooperation will cover, which is of special interest to the Tawazun Economic Council, manufacturing of heavy-duty wheeled vehicles, special purpose trucks for different types of equipment mounting, trailers and components.
The parties to the agreement will also be exchanging experts to implement activities in the field of research, development, training, production, overhaul and maintenance, as well as joint projects that include the exchange of scientific, technical and other information and experience; and any other area of cooperation agreed by the parties that meets with the objectives of this MOU.
H.E. Saif Mohamed Al Hajeri, CEO of the Tawazun Economic Council and Tawazun Holding, stressed on the importance of this agreement and strengthening the relationship between both nations under the guidance and support of the leadership of both countries.
The follow up mechanism built into this MOU includes holding meetings of the working group, the primary responsibility of which will be the development of cooperation plans comprising the objectives, methods of implementation and application of this MOU.
The two parties stressed on defence sector cooperation that will lead to the realization of productive partnerships in the near future.
Tawazun Economic Council was founded in 1992 to fulfil a vision of comprehensive and sustainable economic and social development within the UAE.
Since its establishment, the Council enabled creation of more than 90 companies and investment vehicles, covering 11 sectors, including defense manufacturing. These companies play a vital role in boosting economic growth in the UAE.
The Council envisions maximizing economic benefits by providing the needed inputs for the industrial development, supervising relevant acquisition programs, driving necessary industry regulations and contribution to economic diversification. It also targets contribution to enhancing UAE’s industrial stature, to achieving a robust knowledge-based economy and to boosting the flow of Foreign Direct Investments (FDIs)