The UAE is Latvia's second trading partner at the Gulf level

Non-oil trade exchange between the UAE and Latvia jumps 48% during 2020

The Emirates and Latvia discussed economic opportunities and trade exchange.

From the source

The Minister of Economy, Abdullah bin Touq Al-Marri, discussed with the Minister of Economy of Latvia, Jans Wittenbergs, prospects for developing economic cooperation at the governmental and private levels, providing new and diverse opportunities for the business communities of the two countries in priority sectors, enhancing non-oil trade exchange, and diversifying mutual investments. Supporting the economic development agenda of the two countries, achieving higher levels of economic partnership in strategic sectors, and encouraging companies to explore investment opportunities in new sectors in the markets of the two countries.

the trade exchange

In a bilateral meeting held at the headquarters of the Ministry of Economy in Dubai, on the sidelines of the official visit of the President of the Republic of Latvia, Igles Levits, and his accompanying delegation to the UAE, Al-Marri confirmed that economic relations are currently witnessing great momentum in various fields, which is reflected in the growth of trade exchange between the two countries during The year 2020, despite the challenges imposed by the “Covid-19” pandemic, as the non-oil foreign trade between the two countries achieved, last year, a qualitative leap in growth of 48%.

He added: "Latvia is an economic destination and an important trading partner for the UAE in the Baltic region. Over the past years, we have achieved pioneering levels of cooperation and economic partnerships, and we will work during the coming period to develop this partnership in a number of new and future fields, foremost among which are innovation, small and medium enterprises, and artificial intelligence." , renewable energy, industry, information and communication technology, as well as the main vital sectors for cooperation, such as trade, investment, tourism, aviation, logistics, health and education.

promising opportunities

For his part, the Minister of Economy of Latvia, Jans Wittenbergs, said, “We see promising opportunities to strengthen the links between the public and private sectors in our two countries,” noting that the circular economy and 5G networks are two areas in which both countries enjoy achievements and development opportunities.

He continued, "We aim during the coming period to build accelerators to develop policies and facilitate investment opportunities in these areas, which would provide new solutions to the markets."

In addition, the two sides approved holding the second session of the joint economic committee between the two countries during February 2022, to launch a new phase of the economic partnership between the two countries, and they discussed ways to develop cooperation in a wide range of vital and future sectors and fields.

export

movement

The movement of non-oil export and re-export from the UAE to Latvia achieved a qualitative growth during the first eight months of this year 2021 by 104%, compared to the same period in 2020, while the volume of non-oil trade exchange between the two countries during the previous five years witnessed a growth of 149 %.

The UAE is the second trading partner of Latvia at the Gulf level, as the UAE accounted for 40% of the trade of the Gulf Cooperation Council countries with Latvia during 2020, while it acquired 17% of the trade of the Arab group with Latvia during the same period.

The percentage of Latvia's dependence on its imports from the UAE among the countries of the Gulf Cooperation Council during the year 2020 is about 90.6%, and at the Arab level is about 55.8%.

foreign investment

The balances of foreign investments coming into the UAE from Latvia have grown by 16% over the past five years. In contrast, the UAE has many qualitative investments in Latvia.

• 90.6% of Latvia's dependence on its imports from the UAE among the Gulf countries during 2020.

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