During talks between Latvia and the United Arab Emirates (UAE) in Dubai, the parties identified priority areas with particularly high potential for rapid and effective cooperation: innovation, artificial intelligence, cyber security and digital infrastructure, as well as renewable energy, as these areas are closely aligned with the UAE's long-term development goals, said Minister of Economics Viktors Valainis.
On Monday, November 24, several meetings between the Minister of Economics and the Latvian business delegation and representatives of the UAE took place in Dubai, including a meeting between Valainis and the UAE Minister of Foreign Trade, His Excellency Dr. Thani bin Ahmed Al Zeyoudi.
The Minister of Economics, Kaspars Gorkšs, Director General of the Latvian Employers' Confederation (LDDK), and Katrīna Zariņa, Member of the Board of the Latvian Chamber of Commerce and Industry (LTRK) and Director of the Foreign Affairs Department, also participated in the third Latvian –UAE Joint Economic Committee meeting, which addressed issues related to promoting economic cooperation between the two countries. Meanwhile, entrepreneurs participated in a roundtable discussion between Latvian and UAE entrepreneurs.
The minister emphasized that areas with high potential for cooperation also include agriculture and food, not only in terms of product exports, but also in terms of sharing sustainable agricultural practices; transport and logistics, as Latvia can offer connections to Northern Europe and Central Asia; and tourism.
"Today's discussions at the third meeting of the Joint Economic Committee of Latvia and the United Arab Emirates confirm the mutual commitment to strengthen economic ties and expand cooperation between the two countries. I am pleased that a strong delegation of Latvian entrepreneurs has also arrived in the United Arab Emirates with me – nearly 20 companies in the fields of innovation, technology, energy, construction, transport, and logistics – to take advantage of opportunities and strengthen their presence or seek new opportunities for cooperation here," said Valainis.
He also pointed out that, in addition to the memoranda of understanding and cooperation agreements that have already been signed, work is underway on memoranda of understanding in the fields of education and science, as well as health.
Meanwhile, one of the key issues discussed at the meeting of the Latvia-UAE Joint Economic Committee was the next steps in establishing a Latvia-UAE Business Council, as well as the signing of a memorandum of understanding between the LTRK and the Abu Dhabi Chamber of Commerce and Industry.
At the meeting, the LDDK introduced the Latvian representatives of the UAE–Latvia Business Council, agreeing that the UAE side would introduce its members by the end of this year. The first meeting of the council could potentially take place soon after that.
"We unequivocally agree that the partnership with the United Arab Emirates should be promoted, and it is particularly important to seek new forms of cooperation. Therefore, it was important to take the next step to convene the first UAE-Latvia Business Council meeting as soon as possible, strengthen business ties, and seek new forms of cooperation. The Latvian Employers' Confederation sees itself as an important link in cooperation with entrepreneurs to turn the country's ambitions into effective policies. Our goal is to turn the memorandum signed in February this year into practical action," explained Gorkšs.
Meanwhile, a member of the LTRK board emphasized that trade data shows that the UAE market is very interesting for Latvian entrepreneurs. This was also confirmed by the seminar on the UAE market organized by the LTRK at the end of the summer, which broke all previous attendance records.
"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 LTRK 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, which provides for a reduction in customs tariffs and facilitates the flow of services, digital trade and investment. This agreement will also accelerate and facilitate cooperation between Latvia and the UAE region," said Zariņa.
Latvia's foreign economic representation in the UAE has been established since 2015, which has also helped to promote mutual cooperation and opportunities for Latvian companies to enter the UAE market.
"It should be noted that the path to the UAE market is not quick and easy; it will take time and personal involvement, but the potential is enormous. For example, companies such as BOX Parking, which offers automated parking systems, and Car Monitor Tracking Monitoring, which is testing car GPS monitoring in collaboration with Taxi Dubai, are operating successfully in the UAE. These are just a few examples. Therefore, we will continue to encourage companies to participate in exhibitions and trade missions, and if anyone wants to start their journey into this market, to consult with the experts of the Latvian Foreign Economic Representation in the UAE," said Ieva Jāgere, Director of the LIAA.
This year, Latvia and the UAE are celebrating 30 years since the establishment of diplomatic relations between the two countries. To mark this occasion and also to celebrate the anniversary of Latvia's proclamation of independence, on the evening of November 24, the Latvian delegation attended a formal reception organized by the LIAA and the Latvian Embassy in the UAE.
The working visit will continue on Tuesday, November 25, with a Latvian-UAE business forum in Abu Dhabi and a meeting between the minister and the international investment funds Mubadala and ADQ. Businesspeople will visit AD Ports Group, which is involved in the development and management of ports, logistics, free zones, and maritime trade infrastructure.
As previously reported, cooperation between Latvia and the UAE has become closer in recent years – both countries have embassies, mutual cooperation agreements, and a direct flight connecting Riga and Dubai. In 2024, the total turnover of trade in goods and services with the UAE was EUR 211.4 million. At the beginning of 2025, the total turnover of trade in goods and services increased by 18%.
Companies and organizations included in the Latvian delegation:
3D Engineering, AJ Power, Alūksnes Putnu fabrika, AmCraft, Asya, BSC Group, GP Systems, HMP Group, IT Camp, LAMOD, Latvian Employers' Confederation, Latvian Chamber of Commerce and Industry, Primekss, Riga Freeport Authority, SKYPARK, SUBmerge Baltic, Tilde, and VOZOROM.
The working visit is organized by the Ministry of Economics and LIAA in cooperation with the UAE Ministry of Foreign Trade.
The trade mission is implemented with the support of the European Regional Development Fund.
Photo gallery Latvian business delegation visit to the United Arab Emirates: day one
About the Investment and Development Agency of Latvia (LIAA)
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, as well as develops the tourism sector and implements the country's image policy. The agency acts as a state partner in business development – from idea to international markets. With an extensive network of representative offices abroad and regional business centers in Latvia, LIAA helps companies grow and positions Latvia as a secure, innovative, and open country in the global economy.
Translated with DeepL.com (free version)
