Page 367 - MOE ENGLISH PR REPORT - AUGUST 2024

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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.
H.E. 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.
H.E. 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.
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

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