During 2nd session of the Joint Economic Committee

UAE and Latvia launch six-track economic cooperation program; sign MoU to enhance cooperation in fields of innovation, technology & advanced technology

• H.E. Al Zeyoudi: Latvia is a promising and important economic destination, and our cooperation in the next phase focuses on investing in knowledge economy, digital technologies, new economic sectors & talent attraction

• H.E. Raymonds Lapins: Latvia-UAE cooperation is built on shared values, interests and joint objectives and boasts promising prospects for development.

Abu Dhabi, March 2, 2022- The UAE and the Republic of Latvia agreed on a six-track economic cooperation program covering the fields of trade and investment; innovation and advanced technology; transportation and logistics; agriculture; food; education; and science, during the 2nd Joint Economic Committee (JEC) session held in Dubai. The session was chaired by H.E. Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; and Raymonds Lapins, Deputy Minister of State at the Latvian Ministry of Economy; and was attended by the Commissioner-General of the Latvian Pavilion at Expo 2020 Dubai; and a number of governmental officials, businessmen and private sector representatives from both sides.

H.E. Al Zeyoudi confirmed the depth of the bilateral ties between the UAE and Latvia, pointing out that the economic relations are currently witnessing a major development in various fields, thanks to concerted efforts from both sides to develop, expand their prospects and diversify them.

He added: “Latvia is a promising economic destination and an important trade partner for the UAE in the Baltic region. Over the past years, we have achieved high levels of economic cooperation and partnerships, and through this JEC platform, we will work to further develop cooperation channels and facilitate partnerships in a number of new and future areas of interest to both sides. These include the knowledge economy and the sectors of new economy such as innovation, SMEs, AI, modern digital technologies, renewable energy and industry, and ICT, in addition to other key sectors of cooperation such as trade, investment, tourism, aviation, logistics, health, and education among others.”

Furthermore, H.E. Al Zeyoudi reviewed the most prominent developments and achievements in the UAE’s economic environment. He briefed the Latvian side on the leading initiatives and projects launched by the UAE recently as part of its future vision, particularly the ‘Projects of the 50’ and the ongoing transition into a more sustainable and flexible economic model. He further elaborated on the overall developments in the UAE’s economic legislation aimed at facilitating business, and promoting the country’s attractiveness as a destination for leading projects, distinguished international companies, talents and innovations. In addition, the Minister called on the Latvian private sector to explore the advantages and integrated incentives offered by the UAE’s business environment and to take advantage of its strategic location and its status as a global hub for trade, investment and business, and as a vital gateway to the Middle Eastern, Asian and African markets.

H.E. Al Zeyoudi added: “The UAE and Latvia have strong and well-established relationships. Through the Committee's outputs, we are keen to develop a roadmap to drive the cooperation between the UAE and Latvia in the next stage to increase trade, diversify investment and to ensure the effectiveness and flexibility of supply chains. We look forward to broader projects and opportunities between the government and private sectors in the two countries, exploring more opportunities in new and emerging sectors, and providing all facilities and incentives to Latvian companies wishing to establish or expand their operations in the UAE or other regional and international markets.” He also expressed his desire to enhance cooperation with the Latvian government during the next phase to facilitate the UAE companies’ exports and investments in the Latvian market.

H.E. Raimonds Aleksejenko, the Deputy State Secretary of the Latvian Ministry for Economics, said that the bilateral cooperation between Latvia and the UAE is driven by shared strategic goals and interests. He further noted that the Expo 2020 Dubai, the world’s most successful event in creating new job opportunities, is a testament to the promising partnership prospects between the two countries. He also noted that Latvia and the UAE have lots in common in terms of vision, values, and developmental strategies based on openness, linkages with international markets, and nurturing innovations, solutions, and new ideas, as well as promoting a flexible economy to address emerging challenges. These commonalities provide a common and solid ground to enhance cooperation between both parties in terms of cooperation in promoting innovation, sustainable energy, agriculture, and transportation, which will lead to growth in trade and investment exchanges.

Over the past two years, the total value of UAE – Latvian non-oil trade reached nearly AED 624 million. Meanwhile, the value of mutual investments between both countries exceeded AED 117 million, 60 per cent of which are UAE’s investments in Latvia.

During the session, the two sides further emphasized the significance of promoting economic and commercial cooperation between both governments in line with the JEC framework. The cooperation is aimed at creating new, broader opportunities for business communities, promoting available capacities and increasing the exchange of trade and investments between the two countries.

The latest JEC session also discussed an agreement to develop economic cooperation programs that targets six categories. These programs will be designed to achieve higher levels of prosperous economic and commercial partnership, open up new developmental dimensions, and build competencies in various fields of mutual interest. Besides, the session highlighted the signing of a memorandum of understanding (MoU) for cooperation between the Investment and Development Agency of Latvia (LIAA) and the Small and Medium Enterprises Development Department at the UAE Ministry of Economy.

Trade and Investment

Both sides agreed to promote bilateral economic relations by facilitating direct cooperation between relevant governmental entities, the exchange of information and enhancing industrial capabilities, in addition to encouraging both countries’ private sectors to invest, increase mutual trade, exchange trade delegation visits, and maintain direct interactions.

Innovation and advanced technology

The UAE and Latvia signed an MoU to promote cooperation between the Investment and Development Agency of Latvia (LIAA) and the Small and Medium Enterprises Development Department in UAE’s Ministry of Economy. This will promote joint efforts to support the transition towards circular economy.

Transportation and logistics

The two sides agreed to explore new opportunities for cooperation in promoting the effectiveness and flexibility of land and air logistics supply chains.

Agriculture and food security

The UAE and Latvia also agreed to promote cooperation in the fields of food security, enhance bilateral trade of food and agricultural products, exchange knowledge on the requirements of phytosanitary and veterinary health, as well as share expertise on aquaculture and organic agriculture.

Energy and renewable energy

Both countries expressed their interest in promoting cooperation and exploring further partnership opportunities in the field of renewable energy.

Education

The two countries agreed to promote collaboration between their educational and research institutions as well as encourage exchange of students, academics and researchers, and to develop and implement joint academic projects.