(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 16. Latvia may offer
Kazakhstan logistics organization through its ports, a source at
the Ministry of Foreign Affairs of Latvia told Trend .
"Kazakhstan is a very important partner of Latvia in the
transport and logistics sectors. Latvia plays an important role in
the connectivity of Kazakhstan and other Central Asian countries to
the world markets by offering the Latvian transit corridor and the
services of three big ports: Riga, Ventspils, and Liepaja. In the
current geopolitical situation, when during the sanction regimes it
may be complicated for Central Asian countries to organize
logistics through Russian ports, Latvia can offer that to Central
Asia and especially Kazakhstan, a country rich in different mineral
resources," the ministry said.
As the source noted, the Latvian ports provide a vast set of
services for export and import operations to the European Union and
further around the world.
"We see that the cargo volumes are growing now, and there will
be a clear need in the future to provide connectivity for Central
Asia, as a so-called landlocked region, by using all modes of
transport. Latvia, being a natural gateway to the European Union
for Central Asia, with its vast experience in the connectivity
processes between the EU and Central Asia, understands very well
the importance of close trade relations between the EU and Central
Asia," the source added.
The Republic of Latvia is an important trade and economic
partner of Kazakhstan in the Baltic region. The Republic of
Kazakhstan is one of the top five trading partners of Latvia among
the CIS countries.
Trade turnover between Kazakhstan and Latvia in 2022 amounted to
$216.2 million, which is 3.7 times higher than in 2021 ($58.3
million). Exports during this period amounted to $182 million, and
imports were $34.2 million.
From January through May 2023, trade turnover amounted to $189
million ($42.9 million for the same period in 2022).
In 2022, the total volume of cargo transportation between
Kazakhstan and Latvia by rail amounted to 3.683 million tons, which
is 5.8 times higher than the same figure for 2021. 3.7 million tons
of cargo were transported from Kazakhstan to Latvia in 2022 (an
increase of 8.5 times), and from Latvia to Kazakhstan, 196,200 tons
(3 times the increase).
About 120 Latvian enterprises, including joint ones, are
registered in Kazakhstan. About 100 Kazakh companies operate in
Latvia. Businesses operate in areas such as logistics, trade, and
financial consulting.
According to the National Bank of the Republic of Kazakhstan,
investments from Latvia to Kazakhstan in 2022 amounted to $52.5
million (+54 percent) and from Latvia to $2.6 million (-43
percent).
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