The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has entered into a partnership agreement with the Latvian Chamber of Commerce and Industry (LCCI) aimed at strengthening commercial and investment ties between Abu Dhabi and Latvia. This important agreement was established during the Joint Economic Committee meeting led by the UAE Ministry of Foreign Trade, showcasing both nations' commitment to fostering private sector collaborations.
The signing involved Aida Al Khoury representing Ali Mohamed Al Marzooqi, Director-General of ADCCI, alongside Katrina Zarina, LCCI's Board Member and Director of External Relations. This framework is designed to streamline trade, stimulate investment, and assist companies from both nations in exploring new market avenues.
Trade relations between the UAE and Latvia have seen impressive growth, with bilateral non-oil trade hitting US$103 million in 2024—a robust 7.5% CAGR over the last five years. This partnership holds significant promise for further expansion, particularly in high-potential sectors such as plastics, chemicals, jewellery, and metal products for UAE exports to Latvia.
Latvian enterprises are actively engaged in Abu Dhabi in various sectors including professional services, wholesale trade, real estate, finance, and sports. Conversely, Abu Dhabi businesses are also making strides in Latvia, highlighted by projects such as the US$3.3 billion Eagle Hills development in Riga’s waterfront area, alongside a strategic collaboration between Abu Dhabi’s M42 and Latvia’s Ministry of Health to advance digital health solutions.
Through this agreement, both chambers will work together to share economic insights, support investors, and provide direct connections between Abu Dhabi and Latvian enterprises. Plans for joint business missions, forums, and trade shows aim to help companies discover partners, explore new opportunities, and cultivate long-lasting commercial relationships. Additionally, both parties will focus on sharing technical expertise and supporting engagement in international events and professional development initiatives.
Ali Mohamed Al Marzooqi remarked, “This agreement marks a key milestone in building a robust relationship between the business sectors of Abu Dhabi and Latvia. Our environment is stable, competitive, and innovation-driven, enabling firms to explore new opportunities and forge sustainable investment partnerships that align with our shared economic objectives.”
Katrina Zarina stated, “We are excited to formalize our cooperation with the Abu Dhabi Chamber. This alliance enhances our capability to connect Latvian firms with Abu Dhabi’s vibrant market and opens new avenues for trade, investment, and innovation. Together, we anticipate actionable benefits for both parties involved.”
The partnership offers Abu Dhabi Chamber members direct access to Latvia and the broader European Union through a reliable institutional partner, enabling companies to gain insights into market trends and structured commercial engagement that supports international expansion. This collaboration reinforces ADCCI’s mission to boost global connectivity, empower the private sector, and establish Abu Dhabi as a premier hub for investment, innovation, and sustainable economic progress.
