The UAE and Latvia have agreed on a six-track economic cooperation program covering 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.
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 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.
Both sides agreed to promote economic ties by facilitating direct cooperation between relevant governmental entities, exchanging information, enhancing industrial capabilities, and encouraging both countries’ private sectors to invest, increase mutual trade, exchange trade delegation visits, and maintain direct interactions.
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.
The two sides agreed to explore new opportunities for cooperation in promoting the effectiveness and flexibility of land and air logistics supply chains.
The UAE and Latvia also agreed to promote cooperation in food security, enhance food and agricultural products trade, exchange knowledge on the requirements of phytosanitary and veterinary health, and share expertise on aquaculture and organic agriculture.
Both countries expressed their interest in promoting cooperation and exploring further partnership opportunities in renewable energy.
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.
Al Zeyoudi affirmed the depth of the UAE-Latvia ties, pointing out that the economic relations are currently witnessing significant development in different sectors, thanks to concerted efforts from both sides to develop, expand their prospects and diversify them.
Raimonds, in turn, said that shared strategic goals and interests drive bilateral cooperation. 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.
Over the past two years, the total value of UAE – Latvian non-oil trade reached nearly AED624 million. Meanwhile, the value of mutual investments between both countries exceeded AED117 million, 60 percent of UAE’s investments in Latvia.