UAE-Lithuania Business Forum concludes with agreement to set up Business Council

Sharjah [UAE], May 4 (/WAM): The UAE-Lithua Business Forum, orgsed by the UAE Federation of Chambers of Commerce and Industry (FCCI) and hosted by the Sharjah Chamber of Commerce and Industry (SCCI), concluded today with the signing of a Memorandum of Understanding (MoU) between the FCCI and the Federation of Lithuan Chambers of Commerce.

This agreement aims to establish the first UAE-Lithuan Business Council, fortify economic relations, and stimulate investment flow between both nations.

The newly-formed council will strengthen mutual trade relations by orgsing visits and offering support to Emirati and Lithuan compes, 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 Abdullah Sultan Al Owais, Vice Chairman of the FCCI and Chairman of the SCCI, alongside members of the SCCI Board of Directors, and Ramunas Davidonis, Ambassador of Lithua to the UAE.

Also present were Humaid Mohammed bin Salem, Secretary-General of the Federation of FCCI, Zigmantas Dargevicius, Vice President of the Association of Lithuan Chambers of Commerce, 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 Lithuan business communities and several government entities in Sharjah.

"The UAE-Lithua 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 endeavours," Al Owais added.

For his part, Humaid Mohammed bin Salem said, "Orgsing the UAE-Lithua Business Forum signifies a qualitative leap in the relations between the two countries. As the federal interface for our country's business sector, the Federation of UAE Chambers has been instrumental in supporting and developing ties with Lithua in recent years."

"Through orgsing and sponsoring events, visits, and signing joint memoranda of cooperation, we have recognised Lithua 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, Zigmantas Darvigoseus commented, "The business forum, together with the newly concluded memorandum of understanding and the bilateral meetings that have brought the UAE and Lithuan 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, Ramunas Davidonis said, "The robust relationship between Lithua and the UAE is a testament to our shared commitment to strengthening cooperation across all sectors in pursuit of our sustainable development goals. Lithua 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 USD 2.2 trillion with countries worldwide, with 2021 exports amounting to USD 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 Lithua. (/WAM)

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