Simona Buziliauskienė, Head of Market Development at the Innovation Agency, emphasized the attractiveness of the Lithuanian market to UAE representatives, particularly due to its strong Information and Communication technology (ICT) sector. Business forums like these open up new opportunities and help forge valuable business connections.
"The UAE Minister of Economy highlighted that Lithuania and the UAE share many common goals in business development, creating significant potential for bilateral cooperation and partnerships to grow," said Buziliauskienė.
The UAE has undertaken many legal and regulatory reforms, established new free economic zones, and rapidly developed talent cultivation programs. These initiatives aim to attract international businesses and foster beneficial partnerships. Key strategic areas for the UAE currently include cybersecurity, the Internet of Things, artificial intelligence, big data, cloud services, and software and hardware development.
"The UAE has ambitious goals to double its national economy by 2031, aiming for a value of approximately €700 billion. Foreign direct investment in the country is also on the rise, increasing by 35% last year. The UAE is striving to build a knowledge and digital economy based on advanced technologies and clean energy. It is essential to seize the growth opportunities in this market and leverage the strategic importance of the UAE in diversifying Lithuanian exports," said Buziliauskienė.
Trade between Lithuania and the UAE continues to grow, rising by 22% last year to €216 million. Lithuania's ICT service exports to the UAE also saw substantial growth in 2023, surpassing €24 million. The UAE remains a crucial international trade hub, connecting Asia, the Middle East, and Africa.
According to the Innovation Agency, there are already several successful examples of Lithuania-UAE cooperation, particularly in the high-tech sector, demonstrating the potential for further growth in bilateral relations.
For instance, last year, Lithuanian space industry company NanoAvionics successfully launched two nanosatellites for Earth observation missions, which will assist the Dubai Electricity and Water Authority (DEWA) in improving network performance, maintenance, and planning. The UAE also participated in one of the Innovation Agency's strategic events, "Life Sciences Baltics," where partnerships with representatives from the life sciences sector were established and continue to be developed. "It is important to continue these success stories," added Buziliauskienė.
