H.E. Bin Touq: Lithuania is a key economic partner of the UAE in Eastern Europe and boasts strong economic and industrial capabilities. The JEC is a significant step towards strengthening economic relations between the two countries

Abu Dhabi, 22 August 2024:
H.E. Abdulla bin Touq Al Marri, Minister of Economy, and H.E. Aušrin? Armonait?, Minister of Economy and Innovation of Lithuania, chaired the inaugural UAE-Lithuania Joint Economic Committee (JEC) held in the Lithuanian capital, Vilnius, on 22 August 2024, with the participation of several government officials from both sides. During the meeting, the two countries agreed to strengthen economic cooperation in many key sectors, particularly the new economy, tourism, aviation, entrepreneurship, SMEs, transport, agriculture, circular economy, innovation, food security, and space.
The UAE delegation visiting Lithuania consists of more than 40 representatives of 21 government entities and national companies, most notably the Ministry of Investment, Ministry of Climate Change and Environment, Federation of UAE Chambers of Commerce & Industry, the Telecommunications And Digital Government Regulatory Authority (TDRA), Masdar, Umm Al Quwain Chamber of Commerce & Industry, MSA Capital, UAE Angels Capital Investment, ASG Group, Riayatech.ae, and Syspos Technology.
H.E. Bin Touq emphasized the strength and vitality of the historic relations that bind the UAE and Lithuania, which have witnessed significant development over the past three decades in various fields, particularly trade and economy.
H.E. explained that the UAE Ministry of Economy continues its efforts to strengthen economic cooperation with strategic markets at the regional and global levels through the Joint Economic Committees program, in support of the country's vision to enhance its economic openness to the world and build robust economic and investment partnerships. These efforts contribute to solidifying the UAE’s position as a global partner and an attractive and influential economic hub by the next decade in line with the ‘We the UAE 2031" vision.
H.E. said: "The inaugural UAE-Lithuania JEC represents a significant step forward in bolstering the economic relations between the two countries. Through the Committee, we will review opportunities for cooperation in sectors and areas of mutual interest, enabling the private sector to benefit from promising opportunities and potential in both markets."
He added: "Lithuania is a key economic partner of the UAE in Eastern Europe and boasts a strong economic, industrial and agricultural landscapes with rich opportunities for cooperation and building a more sustainable and productive partnership with the UAE’s private sector."
In detail, during the Committee's meeting, the two sides agreed on the importance of continuing joint efforts. These include the exchange of visits by delegations and trade missions, review of further opportunities for economic cooperation in priority sectors at the governmental and private levels, providing all means of support to exporters and importers to facilitate goods and services trade, and opening up new channels of dialogue between the two business communities.
Advanced innovation and technology
The two sides emphasised that the research, development, and innovation sector is key to enhancing economic development and supporting the competitive edge of their products and services in their respective markets. They highlighted the importance of establishing joint projects and organising forums in this dynamic sector, as well as fostering collaboration among experts in research, development, and innovation activities. Additionally, they emphasized the exchange of expertise and best practices in the fields of information technology (IT), FinTech, artificial intelligence (AI), blockchain, educational technology, and green technology.
Entrepreneurship and small and medium enterprises (SMEs)
Furthermore, the UAE and Lithuanian sides agreed to create tailored programmes and facilities aimed at accelerating the development of startups in both markets. The initiative will enhance their investments and bolster their exports, enabling them to access new markets. Furthermore, it seeks to foster investments by SMEs owners as well as entrepreneurs in new economy sectors.
Tourism and aviation
The UAE and Lithuania affirmed their commitment to strengthening collaboration in the realms of tourism and aviation. Both sides will collaborate on organising joint tourism fairs and events in the upcoming stage to harness the tourism potential and assets of both countries.
Transportation and logistics
The JEC session also witnessed the UAE and Lithuania reinforce their commitment to facilitating collaboration between maritime transport institutions and authorities in both countries. The objective is to promote the exchange of investments in areas including logistics services, seaport infrastructure, maritime technology, shipbuilding, and the exchange of expertise on integrating AI into different maritime applications.
Investment
The meeting discussed the prospects for organizing a sequence of joint sessions with the purpose of encouraging investors and entrepreneurs from both countries to capitalise on the advantages and incentives offered by both markets. The objective is to stimulate growth in investment activities and facilitate the development of joint economic and investment initiatives that will positively impact the economies of both countries.
Space
The two sides explored the potential for forming a new partnership in the field of space sciences and industry. Its objective is to offer a range of training programs for individuals and businesses involved in outer space activities and sectors. Additionally, it will focus on bolstering investment flows between UAE and Lithuanian companies operating in this field.
Food security and agriculture
Both the UAE and Lithuanian sides expressed a strong desire to enhance cooperation in the areas of food security and agriculture. This will be accomplished by promoting trade in food, agricultural, and animal products, given that the agricultural sector holds considerable importance in the Lithuanian economy, employing around 10 per cent of the workforce. Additionally, the two sides agreed to facilitate the exchange of knowledge and best practices in organic farming, sustainable food production, smart farming methods, and innovative technologies used in agriculture sector.
Energy and renewable energy
Moreover, the UAE and Lithuania agreed to bolster cooperation and investments in the fields of energy and renewable energy and foster partnerships in the fields of advanced energy technology, sustainable energy sources, and liquefied natural gas.
MoU between UAE Chambers and Lithuanian Industrialists Union
On the sidelines of the UAE-Lithuania Joint Economic Committee, H.E. Abdulla bin Touq Al Marri, Minister of Economy, witnessed the signing of a Memorandum of Understanding (MoU) between the Federation of UAE Chambers and the Lithuanian Industrialists Union, with the aim of enhancing economic cooperation between the two sides in the fields of industry, trade, investment and technology, and facilitating the exchange of expertise on policies related to increasing trade exchanges between the two countries. The MoU was signed by H.E. Humaid Mohammed bin Salem, Secretary General of the Federation of UAE Chambers, and H.E. Raminta Radavi?i, Director General of the Lithuanian Industrialists Union.
Bilateral meetings with Lithuanian ministers and government officials
H.E. Bin Touq held four bilateral meetings with ministers and officials from the Lithuanian government. He met with H.E. Marius Skuodis, the Minister of Transport and Communications, H.E. Kazys Starkevi?ius, the Minister of Agriculture, H.E. Simonas Šat?nas, the Vice-Minister of Foreign Affairs, and H.E. Karolis Žemaitis, the Vice-Minister of Economy and Innovation, to discuss the development of economic and investment partnerships between the two countries in their respective fields.
Organisation of the UAE-Lithuania Business Forum
The UAE-Lithuania Business Forum was also organised during the UAE delegation’s visit to Lithuania, with an aim to highlight key economic sectors for investment in both countries and foster dialogue between their business communities. In his speech at the Forum, H.E. Bin Touq elaborated on the promising opportunities available in the UAE's economic sectors and the unique advantages offered by the UAE’s competitive business environment. The UAE has adopted flexible economic legislations and policies to support the growth of large companies and SMEs alike. These include the granting of full foreign ownership of companies and the establishment of a competitive environment for trade through modern technology. Thanks to these efforts, the UAE has been recognised as the top destination to start a business by the Global Entrepreneurship Monitor (GEM) report for 2023-2024.
H.E. Bin Touq urged Lithuanian businesses to expand their operations and investments in the UAE across various industries, including the new economy, e-commerce, agritech, healthcare, manufacturing, Fintech, logistics, tourism, entrepreneurship, space, and artificial intelligence. H.E. also emphasised the significance of leveraging UAE's strategic geographic location bridging East and West and its status as a premier global hub for business and investment.

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