Latvia looks for new sales markets in UAE, Vejonis says during visit to Dubai

RIGA -Latvian companies are interested in finding new sales markets outside the traditional export markets in Europe therefore potential cooperation with the United Arab Emirates holds particular interest to them, Latvian President Raimonds Vejonis said, opening the Latvian-UAE business forum in Dubai today.

The forum is an opportunity for Latvian and UAE companies to establish new business contacts which would lay a stable foundation for expanding cooperation with the UAE which is Latvia's key business partner in the Gulf region, the Latvian president said.

He said the total Latvia-UAE trade turnover had been growing steeply in recent years, reaching EUR 120 million in 2015. "Trade volumes keep growing, and this shows great potential for bilateral economic cooperation," Vejonis said.

Presenting the Latvian business delegation, the Latvian president said that those companies represented Latvia's economic interests and business possibilities, as they wanted to offer their goods and services on the UAE market and to attract the UAE investments to Latvia.

Over 40 Latvian companies participate in the business forum in Dubai and represent different sectors of the economy - transport and logistics, food industry, IT, tourism, construction and pharmaceutical business. The Latvian delegation also includes representatives from the education sector, including the largest Latvian universities.

"Cooperation with Latvia is an opportunity to get access to the European market with total population of 740 million. Due to its geographic location, Latvia serves as a bridge between the West and the East to make their cooperation possible," Vejonis said during the Latvian-UAE business forum.

In a conversation with Majid Saif Al Ghurair, Board Chairman of the Dubai Chamber of Commerce and Industry, the Latvian president said that the Latvia-UAE economic cooperation will benefit from practical steps, such as the Latvian national airline airBaltic launching direct flights between the two countries in fall this year.

Latvian President Raimonds Vejonis is visiting the UEA on February 25-28 to meet with the UEA top officials. On this visit, the Latvian president will be accompanied by the ministers of economics, agriculture, and transport, as well as an extensive business delegation.