Latvia May Offer Kazakhstan Logistics Routing Via Its Ports - MFA (Exclusive)

(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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