Latvian Minister of Economy: The UAE-Latvia partnership is entering an unprecedented phase of economic expansion
Abu Dhabi, November 25 / WAM / Viktors Valanis, Minister of Economy of the Republic of Latvia, confirmed that the economic relations between his country and the UAE stand in front of great untapped potential, noting that the thirtieth anniversary of bilateral diplomatic relations witnesses the beginning of a new phase of cooperation.
Valanis said in statements to the Emirates News Agency, WAM, during his participation in the chairmanship of the third session of the Joint Economic Committee between the UAE and the Republic of Latvia, that since the signing of the first economic cooperation agreement about 13 years ago, the relations of the two countries have witnessed remarkable growth, especially after Latvia’s participation in Expo 2020 Dubai, and the subsequent exhibitions that strengthened the presence of Latvian companies in the Emirates.
He added that the volume of trade between the two countries amounted to about 200 million euros annually, with an increase of 18% during the first half of last year, stressing that these numbers do not reflect the size of the potential available to both economies.
The minister pointed out that mutual investments have begun to witness expansion, pointing to Latvia’s investment of three billion euros in the “Eagle Hills” project in the capital, Riga, in addition to the expansion of food, logistical and medical production companies in the two countries.
He also announced that Latvian companies are considering investments of up to 300 million euros in Dubai, especially in the food industry.
Valanis stressed that the building and construction sector and sustainable technologies represent one of the most prominent axes of cooperation, along with the information technology sector, as his country is distinguished by the fact that 97% of government services are completely digital. He said that citizens in Latvia can buy and sell real estate and cars, and complete various government transactions over the phone only, and this is a model that we present to the world.
Regarding institutional cooperation, the Latvian Minister of Economy revealed positive results of the third meeting of the joint governmental committee, in addition to the signing of a cooperation agreement between the Latvian and Dubai Chambers of Commerce with the aim of strengthening ties between the two business communities.
The Minister called on Emirati investors to explore opportunities in Latvia, stressing that it is an ideal gateway to access a unified European market that includes 450 million consumers, with tax incentives and a faster and more open business environment than many European countries.
He said: “I have a very positive feeling about the future of relations between Latvia and the UAE. The will exists on both sides, opportunities are expanding, and we are ready to move forward towards deeper partnerships and greater investments.”
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