Latvia Enhances Cooperation with Qatar and the UAE
- Written by: Bridgewest
- Posted: 2015-06-15
Latvia has started negotiating with Qatar and the United Arab Emirates, in order to improve its economic relations with the Middle-Eastern countries and to set up the grounds for new investors. Not long ago, the Latvian Government announced new investment incentives for the Latgale region that should attract foreign enterprisers.
Latvia to cooperate with the UAE and Qatar
Latvia has recently started negotiating economic cooperation with the UAE and Qatar in order to provide access to new markets for the Latvian companies. The Latvian Economy Ministry released a report saying that the country has already signed intergovernmental economic cooperation agreements with Russia, China, Azerbaijan, Uzbekistan and Kyrgyzstan and other negotiations are currently underway with Qatar and the United Arab Emirates. These negotiations include cooperation in the scientific and technical sectors and free trade agreements which would facilitate the access of investors from all countries.
Latvia is trying to expand its business interests in new export markets and the Persian Gulf is among those markets. Latvian companies have already registered increases in their exports in China. Chinese officials declared the quality of Latvian products is sought by many countries in the Middle East, that is why Latvia wants to explore this new route.
Trade relations between Latvia and the UAE
Latvia and the United Arab Emirates have had great economic cooperation since 1995 and the current negotiations are meant to strengthen those ties. Latvia has opened an embassy in Abu Dhabi last year, in order to facilitate Latvian enterprisers’ access to the UAE markets.
Latvia also plans to join the Organization for Economic Co-operation and Development (OECD) next year, but the trade relations with the Emirates is very important. The targeted sectors the two countries are planning to develop together are energy, transport, real estate and tourism.
The Latvian Government also announced that, in the light of tighter cooperation, visa formalities were lifted for UAE citizens and investors coming to Latvia. The UAE is the first Arabic country to obtain this status.
For complete information about investment possibilities and the most attractive regions, you can contact our lawyers in Latvia.