Business

H.E. Dalia Grybauskaite, President of the Republic of Lithuania, and H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economic situation, ushered in the UAE- Lithuania Economic Forum in Dubai, held as part of the check out of H.E. Grybauskaite and her accompanying official and business delegation to the UAE.

The first of its kind forum between the two countries organized by the Ministry of Economy in cooperation with the Dubai Chamber of Commerce and Industry (DCCI) was participated in by a number of top-level authorities from both sides, as well as agents of companies and business and the investment neighborhoods of the two nations. There was an overall of 200 participants, 50 of which were from Lithuanian trading and investment companies.

Attendees from the UAE side included Ministry of Economicy officials H.E. Engr. Mohammed Ahmed bin Abdul Aziz Alshehhi, Undersecretary for Economic Affairs; H.E. Abdullah bin Ahmed Al Saleh, Undersecretary for Foreign Trade and Industry; H.E. Mohammed Khamis Al Muhairi, Minister's Advisor for Tourism Affairs; and H.E. Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs. Also present were Majid Hamad Rahama Al Shamsi, 1st Vice Chairman of DCCI; H.E. Khalifa Al Mansouri, Acting Undersecretary of the Abu Dhabi Department of Economic Development; Humaid Mohammed bin Salim, Secretary-General of the Federation of UAE's Chambers of Commerce and Industry; H.E. Saeed Al Khyeli, Director General of ZonesCorp; and other officials and representatives from the private sector.

The Lithuanian delegation included H.E. Linas Linkeviius, Minister of Foreign Matters of the Republic of Lithuania; H.E. ygimantas Vaiinas, Minister of Energy; H.E. Arvydas Daunoraviius, Ambassador of the Republic of Lithuania to the UAE; and a number of Lithuanian officials and businessmen.

The forum discussed the means to empower bilateral economic relations to accomplish common passions and developmental aspirations. It additionally discussed possibilities for releasing new courses of cooperation in different economic, trade and investment fields. The group concentrated on establishing a varied roadmap for improving collaboration and control at the governmental and personal degrees to discover the promising potentials of the economic atmospheres of both nations. It likewise reviewed the growth of effective structures for establishing sustainable partnerships in between the nations' business communities in locations and fields of usual passion, particularly innovation, tiny- and medium-sized enterprises, textiles and food, information and communications technology (ICT), and renewable energy.

H.E. President Grybauskait ushered in the forum with a speech stressing her country's eagerness to establish strong relationships with the UAE in different fields of common interest. She noted that Lithuanian relations with the UAE is the most dynamic in the region. She expressed Lithuania's desire to capitalize on the UAE's important financial setting as a leading trade, financial, and logistic hub, verifying her country's support for economic cooperation between the UAE and the Baltic region and the European Union.

H.E. added that Lithuania sees the Economic Forum as a vital platform for additional establishing existing financial connections and reinforcing links between business neighborhoods of both countries to boost their accessibility per various other's local and regional markets and create their trade and financial investment capacities. She mentioned that the future of teamwork and connections in between both nations depends on major growth capabilities.

The Lithuanian President additionally mentioned that the emphasis of the UAE's developing vision on markets related to knowledge, innovation, diversification and building the future, accompanies the vital Lithuanian economic situation in the Baltic region and the state's achievements in the areas of energy, infotech, innovation and industry. She likewise kept in mind the shared rate of interest in trade and financial investment collaboration in the fields of food safety and Halal products, which she claimed gives a durable structure for developing solid partnerships between their countries.

H.E. Engr. Al Mansoori said: "Events such as this forum are basic to our expanding bilateral relationships as they give a platform where we can continually reinforce interactions, identify tactical areas of common interest, and create clear plans for making the most of business and financial investment chances. I am specifically thrilled over the signing of the contract on economic and technical collaboration, which constitutes among the significant outcomes of H.E. President Grybauskaite's check out and which will certainly push further our joint economic agenda. The Joint Economic Committee occurring from our arrangement will certainly be important to the creation of an effective organizational framework for us to collaboratively enhance our financial collaboration. It will certainly also provide valuable systems for assisting in closer ties between our business communities."

" We aim to determine exactly how we could assist Lithuania gain from our productive business setting and our prominent role as an economic gateway Middle East and West. We are specifically interested in promising partnerships in manufacturing - especially construction materials, textiles, fabrics and product packaging; food - specifically dairy products; along with infotech and engineering solutions. We likewise look for new arrangements beyond our current bilateral accords on Air Transportation and the Avoidance of Double Taxation. It is vital that we develop important legal frameworks for making sure enduring and extremely effective collaborations in as lots of areas of usual passion as we can," he added.

" We are completely dedicated to assisting Lithuanian business achieve unrivaled growth in the UAE and benefit from our accessibility to various other vibrant Arab markets. We also express our shared desire to establish nationwide capacities and developing highly effective human capital, with a concentrate on encouraging women and broadening their payments to economic and social development. For our part, we at the Ministry of Economy guarantee our existing and potential Lithuanian companions that we will certainly promote economic policies and legislations conducive to a competitive knowledge economy; constantly boost our country's investment appeal; guarantee high quality, performance and openness in all relevant administrative services; and secure their legal rights and passions," H.E. wrapped up.

H.E. Majid Al Shamsi, 1st Vice Chairman, DCCI, said: "There is tremendous potential to increase trade and investment ties in between the UAE and Lithuania and create brand-new chances for our business areas. H.E. Grybauskait's go to shows Lithuania's solid dedication to boosting our financial participation. The forum is an excellent platform to showcase the UAE's trade and investment appeal for Lithuanian business, along with the potential to enhance cooperation in key locations such as infotech, food security, and renewable energy."

" The Dubai Chamber is dedicated to shielding the interests of the local business community and offering all facilities and sources to make sure that trade with Lithuania continues to prosper. This falls in line with our method of connecting to encouraging markets and providing our 210,000 participants with access to new trade and financial investment opportunities. We are confident that Dubai's calculated plans can be aligned with Lithuania's objectives and passions."

Bovelas Gudzios, the Founder of the Lithuanian Businessmen Organization in Dubai, talked in which he highlighted concrete growth with participation in between the private sectors of Lithuania and the UAE counterpart in numerous locations. He described the banking, monetary solutions, innovation and telecom industries and specifically kept in mind biotechnology, an area where Lithuanian companies have actually made a recognized existence. He mentioned that the Lithuanian community is raising in the UAE parallel to the access of even more Lithuanian business, which he claimed opens up bigger horizons for the growth of trade and investment between both countries in the coming years.

The forum reviewed main areas of participation and highlighted prominent financial investment chances available in both countries. H.E. the Lithuanian Minister of Energy assessed major trade and financial investment chances in conventional and renewable resource tasks, stressing that power is one of one of the most encouraging fields for creating their countries' future capabilities.

For her part, Hind Al Youha, Director of Investment Division at the UAE Ministry of Economic climate, provided the advantages and motivations of the UAE's financial investment environment and the top priority industries under the UAE's financial agenda. The discussion additionally evaluated the UAE's financial, trade, and investment growth indices as well as key laws and laws supportive of business growth, competitiveness, and the knowledge economy.

Diana Kleiponi, Director of the Lithuanian Economic Venture Agency, also offered a presentation on the elements of the Lithuanian economic situation, which expanded by 2.3 percent in 2016 and is expected to grow by 2.9 per cent in 2017. He kept in mind that Lithuania leads the Baltic region in regards to innovation and is also distinguished by the simplicity of doing business, especially for start-up companies which he stated have actually doubled five-fold over the past five years. He likewise referred to the expansion of the clinical research study industry, which he discussed is of excellent rate of interest in light of the presence of innovative local proving ground. He mentioned innovations in the technology, internet and electronic banking industries, among others, too.

For his part, Ibrahim Ahly, Director of the Financial Investment Promotion Division at Dubai FDI, reviewed Dubai's economic atmosphere. He kept in mind the value of the emirate's critical area and fields contributing to the GDP - consisting of trade, realty, logistics solutions, transport, economic services, manufacturing, and hospitality. He also highlighted the highlights of the emirate's sophisticated facilities and the key objectives of Dubai Plan 2021. He described the plan's focus on transformation into a smart city, and significant economic events including EXPO 2020. He specified the advantages of Dubai's globally leading aviation market too.

The forum ended with conferences in between the taking part financiers and business owners who went over the best ways to exchange know-how and the best methods in business industry. They also explored possibilities for establishing joint tasks and identifying trade and investment sectors that meet the ambitions of both sides.

Other forum participants consisted of representatives of the Federation of UAE Chambers of Commerce; the Ajman Chamber of Commerce and Industry; the Sharjah Chamber of Commerce and Industry; the UAE Businesswomen Council; the EXPO 2020 Dubai Office; the Jebel Ali Free Zone Authority (JAFZA); the Sharjah Investment and Development Authority (Shurooq); the Ras Al Khaimah Investment Authority; and a number of UAE-based investment companies.

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