Page 37 - MOE ENGLISH PR REPORT - AUGUST 2024

Press Release

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.

Investment

The meeting discussed the prospects for organizing a sequence of joint sessions with the purpose
of encouraging investors and entrepreneurs from both countries to capitalise on the advantages and
incentives offered by both markets. The objective is to stimulate growth in investment activities
and facilitate the development of joint economic and investment initiatives that will positively
impact the economies of both countries.

Space

The two sides explored the potential for forming a new partnership in the field of space sciences
and industry. Its objective is to offer a range of training programs for individuals and businesses
involved in outer space activities and sectors. Additionally, it will focus on bolstering investment
flows between UAE and Lithuanian companies operating in this field.

Food security and agriculture

Both the UAE and Lithuanian sides expressed a strong desire to enhance cooperation in the areas
of food security and agriculture. This will be accomplished by promoting trade in food, agricultural,
and animal products, given that the agricultural sector holds considerable importance in the
Lithuanian economy, employing around 10 per cent of the workforce. Additionally, the two sides
agreed to facilitate the exchange of knowledge and best practices in organic farming, sustainable
food production, smart farming methods, and innovative technologies used in agriculture sector.

Energy and renewable energy

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

MoU between UAE Chambers and Lithuanian Industrialists Union

On the sidelines of the UAE-Lithuania Joint Economic Committee, H.E. Abdulla bin Touq Al
Marri, Minister of Economy, witnessed the signing of a Memorandum of Understanding (MoU)
between the Federation of UAE Chambers and the Lithuanian Industrialists Union, with the aim of
enhancing economic cooperation between the two sides in the fields of industry, trade, investment
and technology, and facilitating the exchange of expertise on policies related to increasing trade

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