In a rapidly evolving global marketplace, fostering international business relationships is crucial for sustainable growth. The Arabian Marketer speaks with Arnis Celitans, the newly appointed representative of the Latvian Investment and Development Agency (LIAA) in the UAE, to discuss his vision and plans for enhancing economic ties between Latvia and the UAE
By Sana Mahmud
Can you tell us a bit about your background and what led you to your current position as the Latvian Investment and Development Agency (LIAA) representative in the UAE?
My professional journey began in banking at Swedbank, the largest bank in the Baltics, where I worked as a project manager in the Cash Management department. Over time, I advanced to roles such as Business & Strategic Project Manager and fintech scout, gaining substantial experience in implementing cross-country digital projects and strategies. My fascination with fintech led me to establish my startup, developing a mobile app for on-demand household services. My entrepreneurial venture and subsequent business consulting work provided me with valuable insights, particularly during my initial visits to Dubai. These experiences, coupled with my passion for fostering business relationships, eventually led me to the LIAA, where I see immense potential for enhancing Latvia-UAE trade and investment ties.
What are your primary responsibilities as the LIAA representative in the UAE?
My main responsibilities include promoting trade, investments, and innovation between Latvia and the UAE. Practically, this means supporting both Latvian and UAE companies in identifying new export opportunities and expanding existing ones. I also facilitate cooperation in specific economic sectors by providing up-to-date information about ongoing projects and investment opportunities. A key focus area for me is attracting investments, where my goal is to highlight promising sectors and present them to potential UAE investors.
What are your main objectives in this role for the upcoming year?
Achieving our export KPIs to the UAE is a top priority. Additionally, I aim to attract significant investments from the UAE and contribute to successful investment cases that can set a precedent for future ventures. Strengthening cooperation in high-value sectors such as renewables, ICT, artificial intelligence, space industry, biotechnology, and pharmaceuticals is also a crucial objective.
How do you see the current economic and trade relations between Latvia and the UAE, and where do you think there is potential for growth?
The economic and trade relations between Latvia and the UAE are steadily growing, with increasing interest from both sides. Currently, trade volumes include a range of products from machinery to pharmaceuticals. However, there is significant potential for growth, particularly in renewable energy, IT and fintech, tourism, cultural exchange, education, and healthcare. Latvia’s advancements in renewable energy and IT sectors, combined with the UAE’s investments in these areas, create ample opportunities for collaboration.
What investment opportunities in Latvia would you like to highlight to potential UAE investors?
Latvia offers numerous investment opportunities in sectors such as ICT, renewable energy, manufacturing, logistics, food processing, pharmaceuticals, and real estate. Our strategic location within the EU, a highly educated workforce, and government support for innovation make Latvia an attractive destination for UAE investors. Specific projects like RIX Airport City and Rail Baltica, as well as our free economic zones, provide additional incentives for investment.
What challenges do you anticipate in promoting Latvia as a destination for UAE investment and how do you plan to address these challenges?
One major challenge is the limited awareness among UAE investors about Latvia. To address this, we plan to launch targeted promotional campaigns and participate in trade fairs and investment forums. Building strong business networks and partnerships will also help bridge cultural and regulatory gaps. Additionally, we will focus on clear communication of Latvia’s unique advantages and tailored investment incentives.
In terms of business culture, what differences do you think are important to understand for UAE businesses looking to invest in Latvia?
UAE businesses should be prepared for more straightforward communication in Latvia, as well as decentralized decision-making processes. Punctuality is highly valued, and relationships are built through professional competence and mutual respect. Understanding these cultural nuances can help foster successful business interactions and partnerships.
What kind of support can UAE investors expect from the LIAA when looking to invest in Latvia?
The LIAA provides comprehensive support, including market information, industry reports, assistance in establishing business contacts, and guidance through regulatory processes. Initiatives like the ‘Green Corridor’ expedite administrative procedures, while our special economic zones offer tax rebates and other benefits. Personalized support and access to EU funding programs are also available to UAE investors.
What specific promotional activities or events do you have planned to boost awareness and investment from the UAE into Latvia?
We plan to participate in major trade exhibitions and fairs in the UAE, organize trade missions, and host business delegation visits. Additionally, investment roadshows, annual business forums, cultural and educational exchange programs, and targeted workshops are in the pipeline. Our focus will initially be on attracting direct investments to create noteworthy cases that will further boost awareness.
How do global economic or political trends impact the investment flows between Latvia and the UAE?
Global economic and political trends significantly influence investment flows. Positive trends like robust GDP growth and low inflation in Latvia create a favorable investment climate. Moreover, sectors like renewable energy and smart technology offer opportunities aligned with global trends towards sustainability and innovation. Our goal is to adapt to these trends and leverage them to strengthen our economic ties with the UAE.
