Page 364 - MOE ENGLISH PR REPORT - AUGUST 2024

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.

https://www.gulftoday.ae/business/2024/08/22/uae-lithuania-hold-inaugural-joint--economic-
committee-to-boost-ties