From November 23 to 26, the LCCI, together with the Minister of Economics and 20 Latvian entrepreneurs and business organizations, visited the United Arab Emirates (UAE) to strengthen economic cooperation between the two countries.

During the visit, several high-level meetings are taking place, with a special focus on establishing mutual cooperation between entrepreneurs from both countries in the fields of pharmaceuticals and biotechnology, ICT, artificial intelligence, smart energy, logistics, and construction.

Katrīna Zariņa, member of the LCCI Board and Director of the Foreign Affairs Department, Viktors Valainis, Minister of Economics, and Kaspars Gorkšs, Director General of the Latvian Employers’ Confederation, participated in the third meeting of the Latvian-UAE Joint Economic Committee meeting, which addressed issues related to promoting economic cooperation between the two countries. Meanwhile, entrepreneurs had the opportunity to participate in a roundtable discussion between Latvian and UAE entrepreneurs.

One of the key issues discussed at the meeting of the Latvian-UAE Joint Economic Committee was the next steps in establishing a Latvian-UAE Business Council, as well as the signing of a Memorandum of Understanding between the LCCI and the Abu Dhabi Chamber of Commerce and Industry.

“As trade data shows, the UAE is a very interesting market for Latvian entrepreneurs. We see this in our practice as well – the seminar on the UAE market organized by the LCCI at the end of the summer exceeded all previous attendance records in terms of the number of participants.

This visit and the Memorandum of Understanding signed with the Abu Dhabi Chamber of Commerce and Industry is a logical next practical step for the LCCI to continue supporting the interests of its members and expanding its cooperation network. The memorandum provides for the exchange of experience and available economic, commercial and investment information, as well as cooperation in any other area of interest to our members.

We are eagerly awaiting the signing of the European Union and UAE Free Trade Agreement (FTA), which provides for the reduction of customs tariffs and the facilitation of services, digital trade and investment flows. This agreement will also accelerate and facilitate cooperation between Latvia and the UAE region,” says K. Zariņa.

The visit will continue on Tuesday, November 25, with a Latvian-UAE business forum in Abu Dhabi.