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Monday, March 27, 2023

UAE urges Lithuanian firms to expand operations in the country

UAE urges Lithuanian firms to expand operations in the country

The UAE has invited Lithuanian companies to take advantage of the benefits and incentives offered by the UAE economy and expand their operations into the country and MENA markets as a prelude to opening a new phase of economic and trade relations.

Minister of Economy Abdullah bin Touk Al Mali highlighted the strength of the bilateral relations between the UAE and Lithuania, saying that the shared interests of the leaders of the two countries contribute to deepening cooperation between the two countries in various fields.

“We look forward to opening a new stage of economic and trade cooperation with Lithuania, strengthening the business communities of the two countries to obtain promising opportunities in the two markets, and encouraging investment exchanges in the fields of food safety, agricultural technology, entrepreneurship and renewable energy,” said the The minister told the delegation led by Lithuanian Agriculture Minister Kostutis Navikas.

The main steps

“The UAE has taken major steps to establish an economic model based on knowledge and innovation, which is in line with Lithuania’s focus on new economic sectors. This provides us with a solid foundation to strengthen our existing partnerships and expand them into more important areas .”

In addition, Al Marri elaborated on the latest developments in the UAE, which ensure a favorable economic environment conducive to the growth and prosperity of businesses and investments, in line with the 50th Anniversary and UAE Centennial 2071 objectives. The most notable legislative amendments include granting full foreign ownership, strengthening intellectual property protection, and launching an ambitious strategy to attract talented and creative individuals into all industries, enhancing the UAE’s status as a hub of creativity and innovation.

The meeting explored how to strengthen existing bilateral cooperation in the fields of energy, IT, innovation, communications, banking services, tourism and travel, with a focus on agrotechnology and the food industry, to develop the agricultural sector to sustainably achieve food security goals.

In addition, the two ministers discussed the economic impact of the UAE’s National Food Security Strategy 2051, launched in 2018, and its role in developing various economic sectors and creating new jobs in the country.

JEC meeting

The meeting reviewed preparations for the latest session of the UAE-Lithuania Joint Economic Council (JEC), which is scheduled to be held in Abu Dhabi this year.

The two ministers emphasized the importance of the JEC in opening up new avenues of cooperation, enabling the private sector to benefit from emerging trade and investment opportunities in both markets.

Also present were Ramunas Davidonis, Lithuanian Ambassador to the UAE; Dr. Antanas Finkus, Director, International Affairs and Export Promotion, Lithuanian Ministry of Agriculture; and Sarune Sableviciene, Lithuanian Agriculture and Commerce Commissioner.

Navikas emphasized Lithuania’s interest in strengthening economic and trade cooperation with the UAE and expanding the scope of bilateral relations to support the development vision of the economies of both countries.

key market

The Lithuanian minister emphasized that the UAE is an important market for Lithuanian companies in the region as it offers promising trade and investment opportunities. He also noted that this year’s Gulfood saw the participation of 22 Lithuanian companies, reflecting the confidence of the Lithuanian business community in the importance of this global exhibition and the trade opportunities it offers.

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

In 2022, the total non-oil foreign trade between the two countries will reach nearly 219 million US dollars, an increase of 51% compared with that before the epidemic. In terms of investment, as of early 2021, Lithuanian FDI in the UAE totaled nearly US$9 million, while the UAE’s total investment in Lithuania in 2021 was close to US$6 million.

Copyright 2022 Al Hilal Publishing and Marketing Group, courtesy of SyndiGate Media Inc. (Syndigate.info).

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