Filips Tälbergs, Head of Division of The Investment and Development Agency of Latvia also known as LIAA has confirmed that Latvia is under negotiations with the United Arab Emirates in terms of project developments and expanding trade ties.

Since the establishment of embassies in Emirates and Latvia and the initiation of direct flights between capital cities Riga and Abu Dhabi, interest have sprung and intensified the potential cooperation agreements between both countries with the help of LIAA to accelerate economic diversification. Subsequently, LIAA has organized six national stands in international IT, medicine, pharmacy, building industry tourism and design exhibitions such as GITEX, The Big 5, Downtown Design, Arab health Exhibition and Congress and others to promote foreign investments.

Showcasing elements that portray Latvia’s products and information on investments and tourism opportunities, ‘Magnetic Latvia’ has been a widespread representative for foreign companies in promoting economic cooperation and expansion possibilities in the business environment. This has served as a platform for providing opportunities in various industries such as food processing, one of Latvia’s oldest and most important industry, construction, mainly wood, metal works, logistics, mechanical engineering, ecotourism, information technology, environment, renewable energy, pharmacy, and science for creative industries.

Aleksejs Korņevs, Head of Technology Transfer Division of Investment and Development Agency of Latvia, said, “With the help of Magnetic Latvia and LIAA we can help develop corporations, encourage and assist our entrepreneurs, and support business in several ways. Our agency has 17 representatives’ offices in 17 countries, allowing us to easily organize business forums, export seminars and trades to expand our portfolio.”