According to the President, although Lithuania and the United Arab Emirates are very different, they share big ambitions, great knowledge and aspiration to be the best. Both countries have achieved an enormous transformation and created progressive states, but even bigger changes can be effected by sharing experience.
Lithuania has established itself as a leader in high-tech and information services, ranking first in the European Union and third globally for 4G Internet coverage and 5G is currently being tested. Lithuania is at the forefront of financial technologies in the region and enjoys good international reputation for solar heating technologies. Lithuania’s experience in innovations has earned a huge recognition and interest in the UAE. The Minister of Economy Sultan Bin Saeed Al Mansoori has promised to come to Lithuania with a large business delegation next year.
Dubai is known as the City of the Future for its innovative IT solutions, bold visions and impressive skyline. Therefore, Lithuanian businesses have a significant interest in the opportunities offered by this growing and very profitable market.
The United Arab Emirates has an attractive business climate and an easy tax system with no corporate income tax and seven free economic zones. However, foreign businesses encounter a number of obstacles, including specific requirements and barriers, shortage of reliable importers, and logistical problems. Investors need to have a local business partner and employ at least one UAE citizen.
In order to assist Lithuanian enterprises on the highest level, two bilateral agreements were signed during the President's official visit to the United Arab Emirates: an Agreement on Economic and Technical cooperation and a Memorandum on Energy.
The Agreement on Economic and Technical Cooperation will expand contacts in the fields of investment, trade, transport, science, technologies, agriculture, energy, tourism, environmental protection, education, and health care. It also provides for a trans-national commission to be set up for the removal of cooperation constraints.
The Memorandum on Energy will enable Lithuania to share its experience in renewables. Dubai is building the world's largest solar park and plans to generate 75 percent of its energy from renewable sources. Lithuanian businesses are already operating solar power facilities in Malaysia and South Africa, and have the required capacity to co-develop sophisticated solar projects.
The President opened the first highest-level Lithuania-UAE business forum, which gathered representatives from more than 20 Lithuanian companies. According to Dalia Grybauskaitė, Lithuanian businesses have a good standing in the UAE market, and this forum will help create new success stories.
Lithuanian furniture, electrical appliances and foods are already sold in the UAE. Company “Ruptela”, providing fleet monitoring and control solutions, is among the top five players in this field and sells GPS tracking devices to the Emirati police. Furniture company “Narbutas” has increased its sales in the Emirates by as much as 300 percent over the last three years. The Lithuanian food industry is making especially good progress in selling water, chocolate, cheese and ice cream.
The President met with members of the active and dynamic Lithuanian professionals’ community in Dubai. She presented them with a national tricolor and gave an official start to the Lithuanian Business Association. The Lithuanian community in the United Arab Emirates numbers around 1000.
