Post by : Maya Rahman

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has entered a cooperation agreement with the Latvian Chamber of Commerce and Industry (LCCI) to enhance trade and investment relations between Abu Dhabi and Latvia. This agreement, signed during the Joint Economic Committee meeting led by the UAE Ministry of Foreign Trade, underscores both countries' dedication to fostering private sector partnerships.

The signing was executed by Aida Al Khoury on behalf of Ali Mohamed Al Marzooqi, Director-General of ADCCI, and Katrina Zarina, a Board Member and Director of External Relations at LCCI. The document sets up a structured framework to boost trade, stimulate investment flows, and empower businesses in both nations to efficiently explore new markets.

The economic ties between the UAE and Latvia are witnessing steady progress, with bilateral non-oil trade reaching US$103 million in 2024, reflecting a 7.5% compound annual growth rate over the last five years. There exists significant potential for further expansion, especially in sectors such as plastics, chemicals, jewelry, and metal products, providing promising avenues for UAE exports to Latvia.

Latvian enterprises in Abu Dhabi are involved in various fields, including professional services, wholesale trade, real estate, financial services, and sports. Meanwhile, Abu Dhabi firms are also making strides in Latvia, exemplified by the US$3.3 billion Eagle Hills project for Riga's waterfront redevelopment, along with a strategic agreement between Abu Dhabi’s M42 and Latvia’s Ministry of Health focusing on digital health and AI solutions.

Through this partnership, the two chambers will share economic insights, assist investors, and foster direct connections between businesses from both locations. Additionally, the cooperation will organize joint business delegations, trade forums, and exhibitions to facilitate partnership discovery and long-term business relationships. The collaboration will also involve sharing technical knowledge and promoting participation in international events.

Ali Mohamed Al Marzooqi remarked, “This agreement signifies a key milestone in the evolving relationship between Abu Dhabi and Latvia's business landscapes. Abu Dhabi offers a stable and innovative business climate with excellent infrastructure and connectivity. This partnership will enable both parties to seize opportunities, grow their presence, and create sustainable investment connections aligned with mutual economic ambitions.”

Katrina Zarina expressed, “We are delighted to solidify our alliance with Abu Dhabi’s Chamber. This agreement elevates our capacity to link Latvian companies with Abu Dhabi’s expanding market and paves new avenues for collaboration in trade, investment, and innovation. We anticipate realizing meaningful benefits for both sides.”

This agreement gives members of the Abu Dhabi Chamber direct access to Latvia and the broader European Union via a reliable institutional partner. It allows businesses to tap into valuable market data, sector insights, and structured engagement to foster international growth. This partnership amplifies ADCCI’s aspirations to enhance global connectivity and position Abu Dhabi as a premier hub for investment and sustainable development.

#Business News