Sharjah: Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, hosted his Latvian counterpart, Viktors Valainis, Minister of Economy, at the third UAE-Latvia Joint Economic Committee (JEC) in the UAE.

The event that was attended by government officials, business leaders and private- sector representatives from both nations. The two sides discussed ways to deepen their bilateral economic partnership, which included increasing trade and investment ties in key sectors and establishing joint industrial partnerships.

In his opening remarks, Al Zeyoudi said the JEC underscored the value of the UAE-Latvia relationship and the mutual benefits that can be derived from closer collaboration. “The conversations at the third UAE-Latvia Joint Economic Committee reflect our nations’ shared commitment to deepening trade and investment cooperation, and to building on clear synergies in the agriculture, food products and infrastructure sectors.

We also see many opportunities in the industries of the future, and are keen to develop partnerships in areas such as renewable energy, AI, and advanced manufacturing. We are both clear in our belief that, by working together, we can build on our positive momentum and support each other’s economic and development ambitions.”

During the JEC, Al Zeyoudi highlighted the impressive growth in non-oil trade between the UAE and Latvia, which reached USD$103 million in 2024. This impressive momentum continued in the first nine months of 2025, with the two sides recording USD$66.7 million in non-oil trade.

These figures make the UAE Latvia’s most important trading partner in the Middle East, accounting for a quarter of the country’s total trade with the Arab world.

Al Zeyoudi also noted the strong investment ties that exist between the two countries, with the UAE already USD$125 million in Foreign Direct Investment (FDI) in Latvia until the end of H1 2025.

For his part, Valainis said: “We are honoured to participate in the third Session of the Joint Economic Committee between Latvia and the United Arab Emirates. Our presence here is a testament to Latvia’s commitment to strengthening our friendship, expanding cooperation, and building new opportunities for our nations.

I am also pleased to be joined by a strong business delegation of over 20 Latvian companies from the fields of innovation, technology, energy, construction, transport, and logistics. Together with our Emirati partners, we share a clear ambition to deepen economic ties through dialogue and collaboration.”

During the meeting, the two nations agreed to enhance participation in trade fairs such as Investopia, ADIPEC and GITEX. The two sides also pledged to promote trade and industrial dialogue, such as holding conferences, seminars, panel discussions, and workshops in both countries, and to enhance support for SMEs and entrepreneurship.

The UAE and Latvia also expressed their readiness to explore joint efforts in technology, including artificial intelligence, space, quantum computing, robotics and healthcare, and deepen cooperation in transport and logistics.

They agreed to promote sustainable agriculture practices, agricultural technology, and food processing, and to support the implementation of renewable energy projects through training programs, policy research, certification development, research and development, and targeted investment.

At the conclusion of the JEC, the UAE and Latvia decided to hold the fourth session of the Committee in the Latvian capital Riga at a date to be confirmed.