Sheikha Lubna discusses strengthening economic and trade cooperation with Latvia

Abu Dhabi, March 12, 2012 (WAM) - Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, yesterday received at the Ministry of Foreign Trade's headquarters in Abu Dhabi Valdis Dombrovskis, the Prime Minister of the Republic of Latvia, Daniels Pavluts, the Latvian Minister of Economy, Maris Selga, the Ambassador of the Republic of Latvia in the UAE, and the accompanying delegation. Both parties touched on a number of issues pertaining to bilateral relations between the two countries and the mechanisms of strengthening trade and investment cooperation between them. They also commended the strengthening of ties that the two countries have recently witnessed in various fields, pointing out to the presence of many investment opportunities that could further contribute towards boosting these ties and further develop trade and investment activities in the future. During the meeting, Sheikha Lubna underlined the UAE's commitment to strengthening its bilateral cooperation with Latvia, especially in the areas of trade and investment, highlighting the important role small and medium enterprises (SMEs) can play in utilising the opportunities currently available therein and the positive effect they will have on strengthening bilateral trade between the two countries. Moreover, Sheikha Lubna pointed out to the need to create channels for the exchange of expertise between the two countries and to empower and enable SMSs to enter international markets and benefit from exports in expanding their operations. She also briefed the visiting official on the UAE's development goals, which aim at building a sustainable economy through concentrating on stimulating the country's industrialisation, supporting its research and development (R'&'D) activities, investing in new sectors such as renewable energy, uplifting its educational system and providing advanced employment opportunities for Emirati nationals, which are all plans that constitute investment opportunities for Latvian companies to expand their operations in the UAE market which holds many promising opportunities in various sectors for Latvian companies wishing to enter into strategic partnerships. She added that the UAE has now become an advanced global hub in the area of hosting fairs and expos through hosting tens of specialised international fairs annually that attract tens of thousands of participants and visitors from around the world, calling on the Latvian side to increase its participation in these fairs and to benefit from the opportunities that they offer in order to strengthen its trade with the UAE, African, Asian and other global markets. She also pointed out to the UAE's geostrategic location as a major regional trade hub, which she added not only constitutes an opportunity for Latvia to increase its bilateral trade with the UAE, but also with the Middle East, North Africa and Asia. For his part, Prime Minister Dombrovskis underlined his country's commitment to strengthening its bilateral cooperation with the UAE, which he described as an important and strategic partner for Latvia in the Middle East region, pointing out that UAE-Latvian trade has increased by 56 percent during the first 9 months of 2011 and that there are currently many companies from the Latvian private sector that wish to boost their commercial presence and promote their industrial and technological products in the region through the UAE, which he said offers suitable and competitive facilities and enjoys an advanced infrastructure. The visiting premier also pointed out to the many existing opportunities to further strengthen trade and investment ties between the two countries, calling on the UAE private sector to increase its interest in investing in his country and to boost its presence there. Trade between the UAE and the Republic of Latvia has reached US$17 million during the first 10 months of 2011, registering a 46 percent growth in comparison with the first 10 months of 2010. Of this amount, US$1.1 were exports, which registered a modest increase of 15.4 percent, re-exports, which were US$5.9 million with a 26 percent increase, and imports, which amounted to US$10 million registering a 79.2 percent growth rate, all in comparison with the first 10 months of 2010. - Emirates News Agency, WAM