The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has officially sealed a cooperation compact with the Latvian Chamber of Commerce and Industry (LCCI) to fortify trade and investment relations between Abu Dhabi and Latvia. This agreement was formalized during the Joint Economic Committee meeting under the auspices of the UAE Ministry of Foreign Trade, underscoring the mutual commitment to bolstering private sector collaboration.
Aida Al Khoury signed the agreement on behalf of ADCCI’s Director-General Ali Mohamed Al Marzooqi, alongside Katrina Zarina, a Board Member and Director of External Relations at LCCI. This pact lays out a structured approach to facilitate trade, enhance investment flows, and allow businesses from both nations to venture into new markets seamlessly.
Bilateral non-oil trade between the UAE and Latvia hit US$103 million in 2024, reflecting a 7.5% annual growth rate over the past five years. There is considerable potential for further advancement, particularly in fields like plastics, chemicals, jewellery, and metal exports from the UAE to Latvia.
Latvian enterprises in Abu Dhabi are engaged in sectors such as professional services, wholesale trade, real estate, financial services, and sports. Meanwhile, businesses from Abu Dhabi are extending their reach into Latvia, highlighted by major initiatives like the US$3.3 billion investment by Eagle Hills in the redevelopment of Riga’s waterfront and a strategic partnership between Abu Dhabi’s M42 and Latvia’s Ministry of Health aimed at promoting digital health solutions.
Through their newfound partnership, both chambers are set to exchange economic and commercial insights, support investments, and establish direct links between businesses in Abu Dhabi and Latvia. The cooperation will also feature joint business delegations, conferences, and trade fairs to assist companies in forging partnerships, discovering opportunities, and cultivating long-term business relationships. Additionally, both sides will share technical knowledge and foster participation in global events and capacity-building initiatives.
Ali Mohamed Al Marzooqi remarked, “This agreement signifies a pivotal advancement in the evolving relationship between Abu Dhabi and Latvia’s business sectors. Our city offers a stable, competitive, and innovation-focused environment backed by cutting-edge infrastructure and strong international connectivity. This partnership opens doors for businesses to explore new frontiers, broaden their reach, and create sustainable investment avenues aligned with mutual economic goals.”
Katrina Zarina expressed, “We are delighted to formalize our collaboration with the Abu Dhabi Chamber. This agreement enhances our capability to connect Latvian businesses with Abu Dhabi’s expanding market and paves the way for collaborative endeavors in trade, investment, and innovation. We eagerly anticipate tangible outcomes for both sides.”
The agreement grants Abu Dhabi Chamber members direct access to Latvia and the broader European Union through a reliable institutional partner. It provides companies with market intelligence, sector insights, and a structured framework for commercial interaction, facilitating international expansion. This partnership further reinforces ADCCI’s mission to elevate global connectivity, empower the private sector, and solidify Abu Dhabi's position as a premier hub for investment, innovation, and sustainable economic growth.
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