Middle East News 247
Business

UAE and Lithuania discuss opportunities

Abu Dhabi, 23 February 2023:

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a meeting with H.E. Kęstutis Navickas, Lithuanian Minister of Agriculture, and his accompanying delegation, during which, he emphasized the strength of the bilateral relations between the UAE and Lithuania. The Minister of Economy stated that the shared interest of both leaderships has contributed to deepening collaboration between the two countries in all fields.

The meeting was also attended by H.E. Ramunas Davidonis, Ambassador of Lithuania in the UAE; Dr. Antanas Finkus, Head of International Affairs and Export Promotion Unit, Ministry of Agriculture of Lithuania; and Sarune Sableviciene, Agricultural and Commercial Attaché of Lithuania.

H.E. Bin Touq said: “The UAE has taken major steps towards building a knowledge and innovation based economic model, which aligns with Lithuania’s focus on the new economy sectors. This provides us with a strong foundation for strengthening our existing partnerships and expanding them to cover more vital fields.”

The Minister of Economy added: “We look forward to kickstarting a new phase of economic and trade cooperation with Lithuania, enhancing the access of both countries’ business communities to promising opportunities in both markets and encouraging investment exchanges in the sectors of food safety, agritech, entrepreneurship, and renewable energy.”

Furthermore, H.E. elaborated on the latest developments in the UAE’s economic environment, which have ensured a favorable economic climate for the growth and prosperity of businesses and investments in line with the goals of the 50 and the UAE Centennial 2071.  Most notable legislative amendments include the granting of full foreign ownership, enhanced intellectual property protection and the launch of an ambitious strategy to attract talented and creative individuals to all sectors, which boosts the UAE’s position as a hub for creativity and innovation. In addition, H.E. Bin Touq invited Lithuanian companies to utilize the benefits and incentives offered by the UAE economy and expand their operations into the UAE and MENA markets.

The meeting explored ways to enhance existing bilateral cooperation in the fields of energy, IT, innovation, communications, banking services, tourism, and travel, with a focus on agritech and food industries in order to develop the agricultural sectors to sustainably meet food security goals. Moreover, the two ministers discussed the economic impact of the National Food Security Strategy 2051 launched by the UAE in 2018, and its role in developing the various economic sectors in the country and generating new job opportunities.

The meeting reviewed preparations for the hosting of the latest UAE-Lithuania joint economic committee (JEC) session, which is set to take place in Abu Dhabi this year. The two Ministers emphasized the importance of the JEC in forging new paths for collaboration that enable the private sectors to benefit from the emerging trade and investment opportunities in both markets.

H.E. Kestutis Navickas highlighted Lithuania’s interest in strengthening economic and trade cooperation with the UAE and expanding the scope of bilateral relations to support both economies’ development visions.

The Lithuanian Minister underlined that the UAE is a key market for Lithuanian companies in the region because of the promising trade and investment opportunities it offers. H.E. also pointed out that this year’s edition of Gulfood featured the participation of 22 Lithuanian companies, reflecting Lithuanian business community’s trust in the importance of this global exhibition and the trade opportunities it provides.

During the meeting, the Lithuanian delegation invited the UAE Minister of Economy to attend the upcoming Biotechnology conference 2023, set to be held in Lithuania in the third quarter of this year.

The non-oil foreign trade between the two countries totaled nearly USD 219 million in 2022, with a growth of 51 per cent compared to the pre-pandemic levels. In terms of investments, Lithuanian FDI in the UAE totaled nearly USD 9 million up until the beginning of 2021, while the UAE’s investments in Lithuania totaled nearly USD 6 million in 2021.

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