The United Arab Emirates is one of Latvia’s key trading partners in the Arabian Gulf region. In recent years, bilateral economic cooperation has significantly deepened, driven by high-level exchanges and a shared commitment to expanding collaboration across strategic sectors.
Trade between the two countries has shown consistent growth. In 2023, the trade volume reached USD 127.4 million—more than double the USD 63.4 million recorded in 2022. This upward trend continued in 2024, with trade reaching EUR 122.2 million, up from EUR 102 million the previous year. Major UAE exports to Latvia included mineral products and chemical industry goods, while Latvia’s exports to the UAE featured machinery, electrical equipment, and optical instruments, including medical devices.
Beyond trade, investment ties have also strengthened notably. In the first quarter of 2025, UAE investments in Latvia surged to EUR 113 million, up from EUR 47 million at the end of 2024. This reflects growing investor confidence in Latvia’s stable economy, transparent regulations, and strategic position within the European Union.
Latvia and the UAE have also committed to a six-track economic cooperation program, focusing on:
These developments highlight Latvia’s rising role as an attractive economic partner in the Baltic region and underscore the strong momentum behind its multifaceted relationship with the UAE.
