The UAE and the Republic of Latvia have agreed on a six-track economic cooperation program covering the fields of trade and investment, innovation and advanced technology, transportation and logistics, agriculture and food, energy, education and science, during the 2nd Joint Economic Committee (JEC) session held in Dubai.
The session was chaired by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Mr. Raymonds Lapins, Deputy Minister of State at the Latvian Ministry of Economy. It was attended by the Commissioner-General of the Latvian Pavilion at Expo 2020 Dubai, and several governmental officials, businessmen and private sector representatives from both sides.
It discussed an agreement to develop economic cooperation programs that target 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.
Dr. Thani bin Ahmed Al Zeyoudi Minister of State Foreign Trade UAE
“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. Through this JEC platform, we will work to develop cooperation channels further and facilitate partnerships in many new and future areas of interest to both sides.”
Trade and Investment
Both sides agreed to strengthen bilateral economic ties by facilitating direct cooperation between relevant government entities, exchanging information, enhancing industrial capabilities, and encouraging both countries’ private sectors to invest, expand 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 the UAE’s Ministry of Economy. This will promote joint efforts to support the transition towards a 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.
Food security and Agriculture
The UAE and Latvia also pledged to collaborate on improving food security, boost trade in food and agricultural products, share knowledge of Phytosanitary and veterinary health regulations, and share expertise in aquaculture and organic agriculture.
Renewable energy
Both countries expressed their interest in promoting cooperation and exploring further partnership opportunities in renewable energy.
Education
They agreed to promote collaboration between their educational and research institutions, encourage the exchange of students, academics and researchers, and develop and implement joint academic projects.
Dr. Al Zeyoudi 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.
Mr. Lapins said that the shared strategic goals and interests drive bilateral cooperation and 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.
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