Viktors Valainis, Minister of Economics of the Republic of Latvia, has underlined the “large untapped potential” in financial relations between Latvia and the United Arab Emirates, calling for a brand new section of commerce and funding cooperation constructed on three many years of diplomatic ties.
“As we speak we’re celebrating 30 years of bilateral diplomatic relations between Latvia and the United Arab Emirates,” he informed the Emirates Information Company (WAM). “Virtually 13 years in the past, we signed our first financial cooperation settlement, and since then now we have seen actual motion in our relationship.”
The minister burdened that Latvia’s method to the UAE is evolving from conventional export relationships to deeper industrial partnerships.
“As we speak we aren’t solely in search of partnerships about the place to promote our merchandise,” he stated. “We’re in search of a brand new sort of partnership. We need to construct factories right here within the United Arab Emirates, to supply merchandise right here.”
He highlighted specifically the meals business and associated sectors, the place Latvian firms are able to spend money on new manufacturing strains throughout the UAE.
“The meals business may be very open – not simply to promote merchandise, however to spend money on new manufacturing capability,” he stated. “That is one thing new for us, and we see loads of potential collaboration.”
Valainis added that Latvian firms are collectively taking a look at as much as €300 million in investments in Dubai alone, particularly in meals and associated industries. He famous that Expo 2020 Dubai and subsequent exhibitions within the UAE had marked a turning level for Latvian companies.
“After Expo, there have been many exhibitions the place our firms participated, and since then now we have seen a major improve in commerce volumes between Latvia and the UAE,” he stated.
In response to the minister, present commerce flows of round €200 million per yr are “very small quantities” when considered in opposition to the dimensions and complementarity of each economies. “We might go a lot, a lot larger from this stage,” he burdened. “Within the first half of 2025, the commerce turnover, in comparison with the primary half of 2024, elevated by 18 %, reaching €110.2 million.”
Valainis emphasised that the momentum in commerce is being matched by a brand new wave of two-way funding.
“We are actually beginning to see the primary funding initiatives coming in each instructions,” he stated. “From the Latvian aspect, there may be sturdy curiosity within the United Arab Emirates, and from the UAE aspect, there may be rising curiosity in Latvia.”
He highlighted one flagship venture specifically: “After all, there may be the Eagle Hills funding venture led by Mohamed Alabbar. Latvia goes to speculate a complete of €3 billion on this single venture in our capital. It’s a large growth that has already began and reveals how critical we’re about long-term cooperation.”
Alongside this, Latvian manufacturing firms in sectors such because the meals business are already organising operations to serve world markets from Latvia. “These are simply beginning factors,” Valainis stated. “There may be way more we are able to do collectively.”
The minister described his present go to to the UAE as “extraordinarily optimistic”, underpinned by intensive government-to-government and business-to-business engagement.
“These conferences present there’s a very sturdy will on either side to extend commerce volumes and investments,” he stated. “Virtually 30 Latvian firms have accompanied me on this go to, from a variety of sectors – building, IT, biomedicine, power, logistics and naturally the meals business.”
On the institutional aspect, Valainis pointed to the third assembly of the Intergovernmental Fee, which he stated had been “very profitable”.
“We recognized new alternatives for cooperation in many various sectors,” he defined. “Enterprise leaders have been intently concerned, and in the present day the Latvian Chamber and the Dubai Chamber signed an settlement on enterprise cooperation. These agreements will assist to construct bridges between our enterprise communities.”
Valainis stated Latvia sees sturdy prospects in building and sustainable city growth within the UAE, the place Latvian corporations are eager to carry their experience.
“From the window, you’ll be able to see how persons are constructing – new properties, new investments occurring in each Dubai and Abu Dhabi,” he noticed. “Our building firms, architects and different consultants from Latvia are right here to share their expertise, particularly in sustainable constructing and fashionable building processes.”
On the identical time, he underscored Latvia’s credentials as a world chief in digital authorities and IT providers.
“Proper now in Latvia, 97 % of our public providers are digital,” he stated. “You should purchase and promote property, purchase or promote a automobile, and talk with the federal government fully out of your cell phone. You don’t have to go anyplace bodily; all the things could be finished digitally.”
“All of this has been constructed by personal firms,” he defined. “These firms are actually able to share their information worldwide. There will not be many nations which have succeeded to this degree of digitalisation, and we see large alternatives to work with companions within the UAE.”
Positioning Latvia as a strategic entry level into the European Union, Valainis invited UAE traders to contemplate the Baltic state as their platform for wider regional progress.“Anybody who needs world success can begin from Latvia,” he stated. “If you wish to attain a single market of 450 million prospects, you’ll be able to merely do it from Latvia – and it’s simple to entry these markets.”
“We’re able to welcome traders and corporations that need to produce world merchandise from Europe,” he continued. “Latvia is the very best gateway to try this.”
He pointed to Latvia’s tax regime and enterprise atmosphere as a key benefit.
Reflecting on his go to, Valainis spoke warmly of the reception he and the Latvian delegation had acquired within the UAE and expressed optimism about the way forward for the connection.
“I’ve very optimistic emotions concerning the United Arab Emirates,” he stated. “They’re welcoming us right here, and we’re welcoming them in Latvia. This cooperation between our companies has a really, very shiny future.”
Valainis is on a go to to the UAE from twenty third to twenty sixth November to co-chair the third session of the Joint Financial Committee between the UAE and the Republic of Latvia.