Abu Dhabi And Latvian Chambers Forge Cooperation Agreement To Boost Economic Ties

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has entered into a cooperation agreement with the Latvian Chamber of Commerce and Industry (LCCI). This collaboration aims to enhance trade and investment ties between Abu Dhabi and Latvia. The agreement was signed during a Joint Economic Committee meeting, led by the UAE's Ministry of Foreign Trade, highlighting both parties' commitment to strengthening private sector partnerships.

Economic relations between the UAE and Latvia have been growing steadily. In 2024, bilateral non-oil trade reached US$103 million, showing a compound annual growth rate of 7.5% over five years. This growth indicates significant potential for further expansion, particularly in sectors like plastics, chemicals, jewellery, and metal products.

The agreement was signed by Aida Al Khoury on behalf of Ali Mohamed Al Marzooqi from ADCCI, and Katrina Zarina from LCCI. It establishes a framework to facilitate trade, encourage investment flows, and help companies explore new markets in both countries. This structured collaboration aims to deepen economic cooperation between Abu Dhabi and Latvia.

Latvian businesses are increasingly active in Abu Dhabi across various sectors such as professional services, wholesale trade, real estate, financial services, and sports. This engagement reflects the growing presence of Latvian enterprises in the emirate's market. Meanwhile, Abu Dhabi companies are also expanding their footprint in Latvia.

Recent developments include a US$3.3 billion investment by Eagle Hills in Riga’s waterfront redevelopment project. Additionally, there is a strategic partnership between Abu Dhabi’s M42 and Latvia’s Ministry of Health to advance digital health initiatives. These milestones underscore the expanding economic relationship between the two regions.

The partnership will facilitate the exchange of economic insights and support investors through direct engagement channels between Abu Dhabi's private sector and Latvian companies. The agreement also involves coordination on business delegations, joint forums, and trade exhibitions to help identify partners and build long-term commercial relationships.

Enhancing Global Connectivity

The agreement provides ADCCI members with direct access to Latvia and the broader European Union through an official institutional partner. Companies can benefit from reliable market information and structured commercial engagement that supports international growth. This partnership aligns with ADCCI’s efforts to enhance global connectivity.

Ali Mohamed Al Marzooqi commented on the agreement: "This agreement represents an important milestone in the growing relationship between the business communities of Abu Dhabi and Latvia." He emphasised that Abu Dhabi offers a stable business environment supported by clear regulations and strong global connectivity.

Building Sustainable Partnerships

Katrina Zarina expressed satisfaction with formalising cooperation with ADCCI: "We are pleased to formalise our cooperation with the Abu Dhabi Chamber." She highlighted that this agreement strengthens connections between Latvian businesses and Abu Dhabi’s market while creating new pathways for collaboration in trade, investment, and innovation.

This partnership reinforces ADCCI’s ongoing efforts to empower the private sector while positioning Abu Dhabi as a leading international hub for investment, innovation, and sustainable economic development. It aims to support companies from both sides in exploring opportunities aligned with shared economic ambitions.

With inputs from WAM