Page 356 - MOE ENGLISH PR REPORT - AUGUST 2024

“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,” stated Bin Touq.

Bin Touq added that 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.

During the Committee’s meeting, the UAE and Lithuania 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.

Cooperation in key sectors

The UAE and Lithuania emphasised that the research, development, and innovation sector is
key to enhancing economic development. They highlighted the importance of establishing joint
projects and organizing forums in this dynamic sector. In addition, they emphasized the
exchange of expertise and best practices in information technology (IT), fintech, artificial
intelligence (AI), blockchain, educational technology, and green technology.
Furthermore, they agreed to create tailored programs and facilities aimed at accelerating the
development of startups in both markets.

In the tourism and aviation sectors, the UAE and Lithuania affirmed their commitment to
strengthening collaboration. Both sides will collaborate on organizing joint tourism fairs and
events in the future to harness the potential of the sectors for both economies.

Bolstering trade, investment ties

In a bid to bolster trade, the UAE and Lithuania also reinforced their commitment to facilitating
collaboration between maritime transport institutions and authorities in both countries. Both
countries seek 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.

In addition, the two countries explored the potential for forming a new partnership in the field of
space sciences and industry with the aim of offering training programs for individuals and
businesses involved in outer space activities and sectors. Additionally, the partnership would
focus on bolstering investment flows between UAE and Lithuanian companies operating in this
field.

Finally, they agreed to bolster cooperation and investments in energy and renewable energy
and foster partnerships in the fields of advanced energy technology, sustainable energy
sources, and liquefied natural gas.

“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

https://economymiddleeast.com/news/uae-lithuania-hold-inaugural-joint-economic-committee-
to-promote-cooperation-in-key-sectors/