Latvia sees potential for JV business, investment - Khaleej Times

DUBAI - Latvia is keen to strengthen bilateral ties with the UAE as the two countries? business cooperation has huge potential and can be converted into joint investment opportunities. This was stated by Valdis Dombrovskis, Prime Minister of the Republic of Latvia, who headed a Latvian business delegation to Dubai as part of the country’s Gulf tour. The prime minister’s statement came during his official visit to the first UAE-Latvia Business Forum organised by Dubai Chamber of Commerce and Industry in cooperation with Investment Development Agency of Latvia at the Chamber headquarters on Monday.

The forum was attended by a large number of top officials representing a cross-section of private sector companies in Dubai as well as representatives of business councils and business groups operating under the umbrella of Dubai Chamber.

“I strongly believe that life is made of opportunities and this is our opportunity to develop close business ties that will contribute to prosperity of our two countries,” Valdis Dombrovskis said, adding: “Latvia is a gateway to Western Europe, Scandinavian countries or Russia, depending from where you come and which way you want to go. Latvia is also a safe place to do business in.”

“Last year, Latvia ranked 21st in the world according to World Bank’s Doing Business index which measures the openness of business environment. With each year, the UAE is gaining more and more strength and influence in global economy and I believe there are many things our countries can share,” the prime minister said.

He informed that Latvia’s main exports to UAE are machinery and electronics (66 per cent), food products (14 per cent), vehicles (six per cent), woodwork (five  per cent) as well as chemical products and pharmacies (two per cent). In 2010 the total turnover of trade between Latvia and UAE was €22.2m ($30 million) which is 80 per cent more than in 2009.

In his welcome address, Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber, urged the visiting Latvian business delegation to benefit from Dubai’s lucrative investment opportunities, re-export facilities including world-class logistics and financial services as well as unconditional Government support. “Dubai offers an East meets West location and easy access to regional markets of 2.2 billion consumers while Latvia, with its strategic location has established itself as an important crossroad for international trade and commerce hence we see a huge potential for businesses from both sides to work together and turn this opportunity to do better business in the future,” said Al Ghurair.

The chairman of Dubai Chamber further stressed that trade, including exports and re-exports, financial services, logistics and tourism are the driving forces of Dubai’s economy, and urged the Latvian companies to invest in Dubai and take the two countries’ economic ties to the next level.

—abdulbasit@khaleejtimes.com

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