UAE, Lithuania hold inaugural Joint Economic Committee to promote cooperation in key sectors

During the meeting, both countries agreed to strengthen economic cooperation in key sectors, including the new economy, tourism, aviation, entrepreneurship, SMEs, transport, agriculture, circular economy, innovation, food security, and space.

“The inaugural UAE-Lithuania JEC represents a significant step forward in bolstering the economic relations between the two countries. Through the Committee, we will review opportunities for cooperation in sectors and areas of mutual interest, enabling the private sector to benefit from promising opportunities and potential in both markets,” stated Bin Touq.

Bin Touq added that these efforts contribute to solidifying the UAE’s position as a global partner and an attractive and influential economic hub by the next decade in line with the “We the UAE 2031” vision.

During the Committee’s meeting, the UAE and Lithuania agreed on the importance of continuing joint efforts. These include the exchange of visits by delegations and trade missions, review of further opportunities for economic cooperation in priority sectors at the governmental and private levels, providing all means of support to exporters and importers to facilitate goods and services trade, and opening up new channels of dialogue between the two business communities.

Cooperation in key sectors

The UAE and Lithuania emphasised that the research, development, and innovation sector is key to enhancing economic development. They highlighted the importance of establishing joint projects and organizing forums in this dynamic sector. In addition, they emphasized the exchange of expertise and best practices in information technology (IT), fintech, artificial intelligence (AI), blockchain, educational technology, and green technology.

Furthermore, they agreed to create tailored programs and facilities aimed at accelerating the development of startups in both markets.

In the tourism and aviation sectors, the UAE and Lithuania affirmed their commitment to strengthening collaboration. Both sides will collaborate on organizing joint tourism fairs and events in the future to harness the potential of the sectors for both economies.

Bolstering trade, investment ties

In a bid to bolster trade, the UAE and Lithuania also reinforced their commitment to facilitating collaboration between maritime transport institutions and authorities in both countries. Both countries seek to promote the exchange of investments in areas including logistics services, seaport infrastructure, maritime technology, shipbuilding, and the exchange of expertise on integrating AI into different maritime applications.

In addition, the two countries explored the potential for forming a new partnership in the field of space sciences and industry with the aim of offering training programs for individuals and businesses involved in outer space activities and sectors. Additionally, the partnership would focus on bolstering investment flows between UAE and Lithuanian companies operating in this field.

Finally, they agreed to bolster cooperation and investments in energy and renewable energy and foster partnerships in the fields of advanced energy technology, sustainable energy sources, and liquefied natural gas.

“Lithuania is a key economic partner of the UAE in Eastern Europe and boasts a strong economic, industrial and agricultural landscapes with rich opportunities for cooperation and building a more sustainable and productive partnership with the UAE’s private sector,” Bin Touq added.

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UAE Chambers and Lithuanian Industrialists Union partner

On the sidelines of the JEC, Al Marri witnessed the signing of a memorandum of understanding (MoU) between the Federation of UAE Chambers and the Lithuanian Industrialists Union. The agreement seeks to enhance economic cooperation between the two sides in the fields of industry, trade, investment and technology. In addition, it facilitates the exchange of expertise on policies related to increasing trade exchanges between the two countries.

H.E. Humaid Mohammed bin Salem, Secretary General of the Federation of UAE Chambers, and H.E. Raminta Radaviči, Director General of the Lithuanian Industrialists Union, signed the agreement.

UAE-Lithuania Business Forum

During the visit, the UAE also held the UAE-Lithuania Business Forum to highlight key economic sectors for investment in both countries and foster dialogue between their business communities. In his speech at the forum, Bin Touq elaborated on the promising opportunities available in the UAE’s economic sectors and the unique advantages the country’s competitive business environment offer.

The UAE has adopted flexible economic legislations and policies to support the growth of large companies and SMEs alike. These include full foreign ownership of companies and a competitive environment for trade through modern technology. Due to these efforts, the UAE has been recognised as the top destination to start a business by the Global Entrepreneurship Monitor (GEM) report for 2023-2024.