Arab News: Business ties between the UAE and Latvia are set to improve after the Abu Dhabi Chamber of Commerce and Industry signed a cooperation agreement with its Latvian counterpart to expand trade and investment flows between the two markets.
The agreement was formalized during the Joint Economic Committee meeting with the European country, led by the UAE’s Ministry of Foreign Trade, reflecting both sides’ commitment to deepening private sector partnerships and expanding bilateral economic cooperation, according to a press statement.
The new framework aims to facilitate trade, enhance investment flows and create opportunities for companies in both markets to expand internationally.
The agreement comes amid strengthening economic ties between the UAE and Latvia, with bilateral non-oil trade reaching $103 million in 2024, representing a compound annual growth rate of 7.5 percent over the past five years.
Ali Mohamed Al-Marzooqi, director-general of ADCCI, said: “This agreement represents an important milestone in the growing relationship between the business communities of Abu Dhabi and Latvia. Abu Dhabi offers a stable, competitive and innovation-driven business environment supported by clear regulations, advanced infrastructure and strong global connectivity.”
He added: “Through this partnership, we will support companies from both sides to explore opportunities, expand their presence and build sustainable investment partnerships aligned with our shared economic ambitions.”
Under the framework, both chambers will exchange commercial insights, coordinate business delegations and joint forums, and support participation in trade exhibitions. The agreement also gives Abu Dhabi Chamber members institutional access to Latvia and the wider EU.
In addition, the chambers will cooperate on sharing technical and economic expertise and supporting participation in international events and capability-building programs.
“This agreement strengthens our ability to connect Latvian businesses with Abu Dhabi’s fast-growing market and creates new pathways for collaboration in trade, investment and innovation. We look forward to achieving concrete outcomes that benefit both sides,” said Katrina Zarina, board member and director of external relations at the Latvian Chamber of Commerce and Industry.
Latvian companies in Abu Dhabi are active in professional and technical services, wholesale trade, real estate, financial services and sports.
Abu Dhabi firms are also expanding in Latvia, including Eagle Hills’ $3.3 billion Riga waterfront redevelopment and a strategic digital-health partnership between M42 and Latvia’s Ministry of Health.
https://www.arabnews.com/node/2624970/business-economy
