Abu Dhabi, Latvian chambers sign accord to strengthen economic ties

ABU DHABI: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed a cooperation agreement with the Latvian Chamber of Commerce and Industry (LCCI), marking a new step in strengthening trade and investment collaboration between the Abu Dhabi and the Republic of Latvia. The agreement was signed during the Joint Economic Committee meeting with the Republic of Latvia, led by the Ministry of Foreign Trade of the United Arab Emirates, and reflects the shared commitment of both sides to deepen private sector partnerships and expand bilateral economic cooperation.

The agreement was signed by Aida Al Khoury, on behalf of Ali Mohamed Al Marzooqi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, and Katrina Zarina, Board Member and Director of External Relations at LCCI. The signing establishes a structured framework for collaboration aimed at facilitating trade, encouraging investment flows, and enabling companies in both countries to explore new markets.

Economic ties between the UAE and Latvia continue to grow steadily. Bilateral non-oil trade reached US$103 million in 2024, reflecting a compound annual growth rate of 7.5% over the past five years and highlighting the strong potential for further expansion. Several high-potential product categories offer opportunities for increased UAE exports to Latvia, including plastics, chemicals, jewellery and metal products.

Latvian Chamber members in Abu Dhabi are active across professional and technical services, wholesale trade, real estate, financial services and sports, demonstrating the increasing engagement of Latvian businesses within the emirate’s market. Abu Dhabi companies are also expanding their presence in Latvia, with recent milestones such as the US$3.3 billion Eagle Hills investment in Riga’s waterfront redevelopment project, and the strategic agreement between Abu Dhabi’s M42 and Latvia’s Ministry of Health to advance digital health and AI-enabled healthcare transformation.

Through this partnership, the two chambers will work together to exchange economic and commercial insights, support investors, and create direct channels of engagement between the private sector in Abu Dhabi and Latvian companies. The agreement also includes close coordination on business delegations, joint forums and trade exhibitions to help companies identify partners, explore opportunities and build long-term commercial relationships. In addition, both sides will cooperate on sharing technical and economic expertise and supporting company participation in international events and capability-building initiatives.

Commenting on the agreement, Ali Mohamed Al Marzooqi said, “This agreement represents an important milestone in the growing relationship between the business communities of Abu Dhabi and Latvia. Abu Dhabi offers a stable, competitive and innovation-driven business environment supported by clear regulations, advanced infrastructure and strong global connectivity. Through this partnership, we will support companies from both sides to explore opportunities, expand their presence and build sustainable investment partnerships aligned with our shared economic ambitions.”

From her side, Katrina Zarina said, “We are pleased to formalise our cooperation with the Abu Dhabi Chamber. This agreement strengthens our ability to connect Latvian businesses with Abu Dhabi’s fast-growing market and creates new pathways for collaboration in trade, investment and innovation. We look forward to achieving concrete outcomes that benefit both sides.”

The agreement provides the members of Abu Dhabi Chamber with direct access to Latvia and the wider European Union through an official institutional partner. It enables companies to benefit from trusted market information, sector insights and structured commercial engagement that support expansion and international growth. The partnership reinforces ADCCI’s ongoing efforts to enhance global connectivity, empower the private sector and position Abu Dhabi as a leading international hub for investment, innovation and sustainable economic development.

In October, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) hosted a high-level delegation of heads of chambers of commerce from the Balkan region at a meeting at Grand Hyatt Abu Dhabi. The interactions focused on reviewing opportunities for economic and trade cooperation and broadening investment partnerships that support sustainable bilateral growth.

The delegation engaged in discussions with ADCCI on ways to enhance bilateral cooperation in trade and investment. Both sides agreed on the importance of joint efforts to open new markets, launch future projects, and consolidate partnerships that serve shared interests and support sustainable growth.

The meeting was attended by Ali Mohamed Al Marzooqi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, alongside representatives from key national entities and private sector. The Balkan delegation included presidents of the chambers of commerce from Albania, Serbia, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, North-West Macedonia, American Balkan, and Western Balkans 6 Chamber Investment Forum (WB6 CIF).

The Balkans stand as a key partner for the UAE in its journey toward sustainable development. Non-oil trade between both sides has expanded at a compound annual growth rate of 8.7% over the past five years, reaching nearly US$1.9 billion in 2024.

Imports from the region reached an impressive $1.3 billion, reflecting the strength of enduring partnerships with Romania, Slovenia, and Bulgaria. These nations continue to play a pivotal role in supplying the UAE market with essential commodities, including wheat, timber, and vital medicines. Meanwhile, the UAE’s non-oil exports have demonstrated exceptional growth, recording a remarkable compound annual growth rate (CAGR) of 20.5%. Albania, Romania, and Croatia have emerged as key destinations for UAE exports, particularly aluminium, and steel products. Additionally, re-exports have experienced robust expansion, rising at a CAGR of 9%, fuelled by dynamic trade in vehicles and advanced technology.

This strong performance underscores the resilience of the economic partnership and sets the stage for even deeper collaboration across a range of sectors, including agriculture, clean energy, technology, and logistics. Such progress further cements Abu Dhabi’s position as a strategic gateway for trade and investment, both within the region and on the global stage.

Ali Mohamed Al Marzooqi said:“This meeting embodies Abu Dhabi’s commitment to building strategic partnerships around the world. Abu Dhabi has become a global hub for trade and investment, and a prime destination for companies and entrepreneurs. Cooperation with the Balkan countries is fully aligned with our vision to diversify the economy and reinforce Abu Dhabi’s position as a leading business centre.”

He highlighted the emirate’s flexible, diversified economy and its competitive, world-class business environment built on sustainability, innovation, and openness to international collaboration. These advantages, he noted, have made Abu Dhabi an attractive destination for quality investments and a driver of growth in renewable energy, advanced industries, technology, and the knowledge economy.

He pointed out that Balkan markets represent promising ground for expanding and diversifying UAE exports, offering national businesses greater access to new consumer markets in Europe. He underlined the Chamber’s role as a strategic enabler of economic development by promoting competitiveness, opening new markets, and attracting foreign direct investment. He explained that ADCCI’s 2025-2028 roadmap is designed to empower entrepreneurs and SMEs and enhance their contribution to the national economy in line with government strategies.

WAM