EIMIN: Strengthening the partnership between Lithuania and the United Arab Emirates
Minister of the Economy and Innovation Aušrinė Armonaitė met with the Minister of the Economy of the United Arab Emirates (UAE) Abdullah Bin Touq Al Marri in Vilnius to discuss opportunities for closer economic cooperation. Lithuania and the UAE agreed to promote bilateral trade and investment, jointly develop innovations, develop joint projects in infrastructure, transport, energy, tourism and other areas.
"Economic relations with the UAE are reaching a new level. Both sides are interested in strengthening cooperation in high value-added sectors of the economy, including information and communication technologies, life sciences, aerospace and engineering, which will stimulate the growth of high-tech companies and the development of these sectors. At the same time, it is an opportunity for our companies to enter the huge UAE market and for UAE companies to use Lithuania as a gateway to the EU market. The UAE is also an important trading partner of Lithuania - last year trade between the two countries increased by 22% to EUR 216 million," said the Minister of the Economy and Innovation A. Armonaitė.
The cooperation was agreed at today's first meeting of the Lithuanian-UAE Joint Intergovernmental Commission for Economic Cooperation. The commission was established in 2018 to promote closer economic ties between the two countries.
Lithuania and the UAE agreed to strengthen direct cooperation between the countries' trade, investment and innovation promotion agencies and other institutions. Business missions, the exchange of trade and investment information, and the strengthening of both countries' scientific, innovation development and industrial capacities are also planned. The aim is to enhance cooperation and help companies from both countries in different sectors to establish and develop contacts and to support bilateral business initiatives.
The meeting also focused on tourism. It is planned to implement tourism promotion projects and increase tourism flows between the two countries. Cooperation is also planned within the Executive Council of the United Nations World Tourism Organisation. Among the issues discussed was the number of regular direct flights between Lithuania and the UAE. Lithuania is actively developing air links to strategic destinations.
During the UAE delegation's visit to our country, a Lithuanian-UAE Business Forum is also being organised by the Innovation Agency. It will bring together investors and companies from both countries, most of which are active in the technology sector. During the forum, investment opportunities in both countries will be presented and participants will also have the opportunity to network in targeted business sessions.
In 2023, trade between Lithuania and the UAE amounted to 216 million euros. Exports to the UAE amounted to €136.5 million and imports to €79.6 million. Imports from the UAE increased by 470% during the year.