Page 36 - MOE ENGLISH PR REPORT - AUGUST 2024

Press Release

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

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