Latvian President Meets With Azerbaijani And Latvian Businessmen In Baku
(MENAFN- AzerNews) President of Latvia Egils Levits has met today with Azerbaijani
and Latvian businessmen.
President of Latvia said that he was sure that the event would
contribute to the development of relations between the two
countries. He said that Latvia was a member of NATO and the
European Union and viewed Azerbaijan as a close partner in economic
relations. President Egils Levits noted that Azerbaijan was playing
an active role in the European energy market and had a special
place in the diversification of energy sources.
Emphasizing the existence of close bilateral relations between
Azerbaijan and Latvia, President Egils Levits said that economic
relations were developing and that there was hope that they would
expand even further. He added that a Memorandum of Understanding
would be signed between the Investment and Development Agency of
Latvia and the Export and Investment Promotion Agency of Azerbaijan
(AZPROMO).
Stating that Azerbaijan was Latvia's main trade partner, the
President of Latvia drew attention to the fact that the time had
come to restore the supply chains disrupted as a result of the
closure of borders in the aftermath of the pandemic.
Director of AZPROMO, Yusif Abdullayev, said in his speech that
16 Latvian companies were operating in Azerbaijan. Most of these
companies are engaged in the field of transportation. According to
Yusif Abdullayev, Azerbaijan has also invested in Latvia. This
investment amounts to a total of 166 million dollars. He added that
Latvian companies could also invest in the liberated territories of
Azerbaijan.
Yusif Abdullayev said that the volume of trade between
Azerbaijan and Latvia had increased by more than 70 percent in
2022, amounting to 46 million dollars. Exports to Latvia have
increased almost three times to reach 28 million dollars. The
non-oil sector accounts for 98 percent of exports to Latvia. This
means that Latvia is an important country in North-Eastern Europe
in terms of exporting Azerbaijan's non-oil products.
Chairman of the Board of the Small and Medium Business
Development Agency (KOBIA), Orkhan Mammadov, spoke about state
support for medium and small entrepreneurship in Azerbaijan. He
positively assessed the strengthening of cooperation between the
two countries.
Director General of the Investment and Development Agency of
Latvia, Kaspars Rozkalns, noted that Latvia and Azerbaijan could
establish joint production of competitive products, and it would be
easy to export these products to European markets. He stressed that
Latvian companies wanted to cooperate with Azerbaijan on joint
production in order to deliver their products to the European
market in the future. There are five priority areas in this
regard.
The meeting continued with further discussions.
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