Abdulla Bin Touq Al Marri, Minister of Economy, and Ausrinė Armonaitė, Minister of Economy and Innovation of Lithuania, chaired the inaugural UAE-Lithuania Joint Economic Committee (JEC) held in the Lithuanian capital, Vilnius, on Thursday, 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.

 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.

He 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.

He 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.

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.

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.

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.

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.

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.

WAM