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Aušrinė Armonaitė: Lithuania has great potential to increase exports and attract investment in high technology from the UAE

Date

2021 10 22

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In the UAE, Minister of the Economy and Innovation Aušrinė Armonaitė together with Prime Minister Ingrida Šimonytė and a Lithuanian Business Delegation will present Lithuania’s investment environment to representatives of the UAE Government and businesses and will discuss possibilities to intensify business dialogue between the two countries in both traditional and high-tech sectors. Equally, representatives of Lithuanian companies who seek contacts with Dubai businesses will be visiting the capital of the UAE.  

‘Both Lithuania and the UAE associate their future with technology progress and innovation, so we are particularly interested in expanding cooperation in life sciences, lasers, biotechnology, information and financial technology and research. Moreover, Lithuania is an ideal place for implementing investment projects and entrepreneurs of our country have excellent offers to the UAE businesses that seek to become global leaders in innovation,’ says Minister Armonaitė. 

Lithuanian life sciences companies are ready to offer exceptional products in the fields of genetic medicine and healthcare products to meet the needs of the UAE market.  

Aušrinė Armonaitė will be visiting EXPO 2020, where she will participate in the events under the Lithuanian National Day Programme and the Lithuanian-UAE Business Forum to present Lithuania’s business opportunities and investment environment. According to the Minister, Lithuania sees this exhibition as an important platform for raising awareness about Lithuania. This six-month event offers opportunities to Lithuanian businesses to get established in this priority market, which also opens access for Lithuania to other Gulf and North African states.

The National Pavilion Spaces and the Business Forum present Lithuania and its economic potential by emphasizing the innovation aspect and our ability to offer global solutions for the future. 50 Lithuanian companies from energy, mobility, ICT, engineering industry, life sciences, biotechnology, lasers and other sectors will participate in the exhibition and the business forum.

During the visit, Minister Armonaitė will deliver a keynote speech at the 5th Conference of the EU-Gulf States Cooperation Council, meet with Minister of Economy of the UAE Abdulla bin Touq ′Al Marri, the Investment Holding MBM Group leader Sheikh Mohammed Bin Juma Al Maktoum and Minister of Trade, Industry and Energy of the Republic of Korea Sungwook Moon. The Minister will also visit the Sharjah Innovation Park, where companies will present opportunities to invest in Lithuanian start-ups; also, she will meet the Lithuanian community in the UAE.

In terms of trade volumes, the UAE are Lithuania’s second largest partner in the Gulf Region. In 2020, bilateral trade turnover amounted to EUR 58 million.  Direct UAE investment in Lithuania amounted to EUR 119 million.