Sharjah: The UAE-Lithuania Business Forum, organized by the Federation of UAE Chambers of Commerce & Industry and hosted by the Sharjah Chamber of Commerce and Industry, concluded today with the signing of a memorandum of understanding (MoU) between the UAE Federation of Chambers of Commerce and Industry (FCCI) and the Federation of Lithuanian Chambers of Commerce. This agreement aims to establish the first UAE-Lithuanian Business Council, fortify economic relations, and stimulate investment flow between both nations.
The newly-formed council will strengthen mutual trade relations by organizing visits and offering support to Emirati and Lithuanian companies, particularly in the trade and industry sectors. The move is expected to propel economic relations between the two countries to a new stage, aligning with their shared development aspirations.
The forum was attended by HE Abdullah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of Sharjah Chamber of Commerce and Industry, alongside members of the SCCI Board of Directors, and HE Ramūnas Davidonis, Ambassador of Lithuania to the UAE.
Also present were HE Humaid Mohammed bin Salem, Secretary General of the Federation of FCCI , HE Zigmantas Dargevicius, Vice President of the Association of Lithuanian Chambers of Commerce, HE Mohammad Ahmed Amin Al Awadi, Director-General of SCCI, Rashid Al Tunaiji, Director of the Trade Promotion Department at the Ministry of Economy. This is in addition to more than 100 representatives of the UAE and Lithuanian business communities and a number of government entities in Sharjah.
"The UAE-Lithuania Business Forum has provided a vital opportunity to consolidate the bonds of cooperation between our two friendly countries and set the stage for successful partnerships between the private sector and business owners to help them discover the best opportunities that can boost bilateral and fruitful cooperation." Abdullah Al Owais said.
"The continuous growth of our bilateral relations reflects our shared desire to expand joint work across various fields. Today's forum is a testament to our commitment, providing a framework that unites our nations in consultation and discussion on matters that will contribute to increasing opportunities and spaces for collaborative endeavors." Al Owais added.
For his part, HE Humaid Mohammed bin Salem said: "Organizing the UAE-Lithuania Business Forum signifies a qualitative leap in the relations between the two countries." "The Federation of UAE Chambers, as the federal interface for our country's business sector, has been instrumental in supporting and developing ties with Lithuania in recent years."
"Through organizing and sponsoring events, visits, and signing joint memoranda of cooperation, we have recognized Lithuania as an ideal destination for UAE investments, particularly in sectors such as tourism, technology, innovation, food, and environmental sustainability. These areas align with the UAE's economic approach and provide a solid foundation for constructive cooperation between our two nations in the near future." bin Salem noted.
In addition, H.E. Zigmantas Darvigošeus commented: " "The business forum, together with the newly concluded memorandum of understanding and the bilateral meetings that have brought the UAE and Lithuanian business communities together, truly marks a significant step forward in our evolving economic relations. This productive partnership between our business sectors will not only facilitate greater access to local and regional markets in both countries, but also foster the growth and enhancement of their trade and investment capabilities."
Meanwhile, HE Ramūnas Davidonis said: "The robust relationship between Lithuania and the UAE is testament to our shared commitment to strengthening cooperation across all sectors in pursuit of our sustainable development goals. Lithuania boasts promising economic sectors such as tourism, financial services, healthcare, and information technology, offering numerous growth opportunities."
He urged Emirati investors to seize the advantages of these services and explore the investment opportunities and partnerships that arise in these domains.
During the event, Rashid Al Tunaiji, Director of the Trade Promotion Department at the Ministry of Economy, discussed the latest developments in the UAE's economic environment and reaffirmed the UAE’s keenness to foster a climate that supports business growth, prosperity, and investment attraction. He added that the UAE boasts a global trade value of approximately $2.2 trillion with countries worldwide, with 2021 exports amounting to $42.5 billion. The nation's assets and progressive legislation have bolstered its position as a competitive, flexible, and environmentally sophisticated economy.
Also during the event, the Sharjah Airport International Free Zone (SAIF Zone) showcased its logistical capabilities, integrated services system catering to investors' needs, and competitive advantages. Additionally, the forum hosted bilateral business meetings between representatives from various economic and commercial sectors of both countries, exploring future partnership prospects, investment exchanges, and participation in exhibitions and events held in the UAE and Lithuania.