The UAE and Latvia have reaffirmed their commitment to deepening economic cooperation during the third UAE–Latvia Joint Economic Committee (JEC), co-chaired in Dubai by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and Viktors Valainis, Latvia’s Minister of Economy.
The high-level meeting brought together senior government officials, business leaders, and private-sector representatives from both nations to explore new avenues for trade expansion, investment partnerships, and collaboration in advanced industries.
Strengthening Bilateral Economic Ties
In his opening remarks, Dr. Al Zeyoudi emphasized the growing strategic importance of the UAE-Latvia relationship.
“The discussions at the JEC reflect our shared commitment to advancing trade and investment, and to leveraging synergies in agriculture, food products, and infrastructure,” he said.
“We see major opportunities in the industries of the future — including renewable energy, AI, and advanced manufacturing — and look forward to building partnerships that support both countries’ economic ambitions.”
Latvia’s Economy Minister Viktors Valainis echoed this sentiment, noting the strong foundations of the relationship.
“Our participation underscores Latvia’s commitment to deepening our friendship and expanding cooperation across innovation, technology, energy, construction, transport, and logistics,” he noted.
“Together with our Emirati partners, we aim to unlock new economic opportunities through dialogue and collaboration.”
Trade Momentum Continues to Rise
Non-oil trade between the UAE and Latvia reached USD 103 million in 2024, with positive momentum continuing in 2025. During the first nine months of this year, bilateral non-oil trade totalled USD 66.7 million.
The UAE now accounts for a quarter of Latvia’s total trade with the Arab world, cementing its position as Latvia’s most important trading partner in the Middle East.
Investment ties are also strengthening, with the UAE recording USD 125 million in FDI in Latvia by the end of H1 2025.
New Areas of Collaboration Identified
During the JEC, both nations agreed to expand cooperation in several key sectors:
Trade & Industry
- Greater participation in major UAE trade fairs including Investopia, ADIPEC, and GITEX
- Enhanced trade and industrial dialogue through seminars, conferences, and workshops
- Support for SMEs, startups, and entrepreneurship
Advanced Technology
- Joint exploration of opportunities in
AI, space, quantum computing, robotics, and healthcare technologies
Transport & Logistics
- Strengthened cooperation across supply chains and logistics networks
Agriculture & Sustainability
- Promotion of sustainable agriculture and agri-tech
- Development of food processing initiatives
- Joint efforts to support renewable energy projects, including training, policy research, certification, R&D, and targeted investment
Next Committee Meeting Set for Riga
The UAE and Latvia concluded the session with an agreement to hold the fourth UAE–Latvia Joint Economic Committee in Riga, at a date to be confirmed.
