Abu Dhabi and Latvia Strengthen Economic Ties Through New Agreement

Post by : Mara Rahim

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has entered into a cooperation agreement with the Latvian Chamber of Commerce and Industry (LCCI) aimed at fortifying trade and investment relations between Abu Dhabi and Latvia. This agreement was formalized during the Joint Economic Committee meeting, led by the UAE Ministry of Foreign Trade, emphasizing a mutual dedication to fostering private sector partnerships.

The agreement was executed by Aida Al Khoury on behalf of Ali Mohamed Al Marzooqi, Director-General of ADCCI, and Katrina Zarina, Board Member and Director of External Relations at LCCI. It sets forth a structured plan to promote trade, stimulate investment flows, and assist businesses from both nations in efficiently accessing new markets.

The economic relationship between the UAE and Latvia is on an upward trajectory, with bilateral non-oil trade amounting to US$103 million in 2024, reflecting a 7.5% compound annual growth rate over the last five years. Key sectors such as plastics, chemicals, jewellery, and metals offer substantial scope for future collaboration, particularly for UAE exports to Latvia.

Latvian enterprises in Abu Dhabi are engaging in various sectors, including professional services, wholesale trade, real estate, finance, and sports. In turn, Abu Dhabi firms are making strides in Latvia with significant projects such as the US$3.3 billion investment by Eagle Hills in the redevelopment of Riga's waterfront, alongside a strategic partnership between Abu Dhabi’s M42 and Latvia’s Ministry of Health focusing on digital health and AI-driven healthcare solutions.

This agreement facilitates mutual sharing of economic insights and supports investor relations, establishing direct channels between businesses in Abu Dhabi and Latvia. Additionally, it encompasses joint business delegations, trade forums, and exhibitions aimed at helping companies discover partners and pursue long-lasting commercial ties. Both parties will also exchange technical knowledge and promote participation in international events and skill-building initiatives.

Ali Mohamed Al Marzooqi remarked, “This agreement marks a pivotal step in the flourishing connection between Abu Dhabi and Latvia’s business communities. With a robust and innovation-focused business environment, Abu Dhabi offers significant opportunities for companies on both sides to explore and establish sustainable investment collaborations that align with shared economic goals.”

Katrina Zarina stated, “We are delighted to formalize our collaboration with the Abu Dhabi Chamber. This agreement boosts our ability to link Latvian businesses with the burgeoning market in Abu Dhabi and paves the way for innovative commerce and investment partnerships. We are eager to translate this cooperation into tangible benefits for our regions.”

The agreement provides members of the Abu Dhabi Chamber with direct access to Latvia and the broader European Union through a credible institutional partner. This initiative enables businesses to leverage market insights and structured engagement, ultimately supporting their international ventures. The partnership underscores ADCCI’s commitment to enhance global connectivity, empower the private sector, and establish Abu Dhabi as a premier destination for investment and sustainable economic growth.