BAKU, Azerbaijan, May 13. There are abundant opportunities to diversify the range of products and enhance trade volume between Azerbaijan and Latvia, Azerbaijani Deputy Economy Minister Sahib Mammadov said at the Azerbaijan-Latvia Business Forum, TurkicWorld reports.
"These robust exchanges and productive interactions between our heads of state have fostered a strategic cooperation between our nations. We've built a strong bilateral legal framework with 45 signed documents, including the Declaration on Strategic Partnership. Further strengthening our cooperation are agreements on investment promotion, mutual protection, and double taxation avoidance," Mammadov said.
He added that the trade turnover between the countries amounted to $65 million in 2023. Azerbaijan's exports to Latvia increased by 64 percent, reaching $45 million, while imports amounted to $20 million.
In the first quarter of 2024, the trade turnover amounted to $6 million.
"Moreover, there are abundant avenues to diversify product offerings and bolster trade volume, encompassing reciprocal import and export of several competitive goods.
Investment cooperation stands as another vital facet of our economic relations.
It's worth mentioning that between 1995 and 2023, direct investments from Latvia to Azerbaijan totaled $166 million, while investments from Azerbaijan to Latvia amounted to the same figure. Thus, we maintain balanced cooperation, yet both sides acknowledge the imperative for its proactive advancement," the deputy minister said.
He noted that out of the 69 Latvian companies registered in Azerbaijan as of February this year, 48 are operational in sectors such as industry, transportation, trade, and services.
"Additionally, it's worth mentioning that Latvia and Azerbaijan have collaboratively engaged in eight twinning projects funded by the European Union, totaling 9 million euros. This underscores our dedication to partnership across various endeavors," Mammadov added.
