(MENAFN- AzerNews)
Nazrin Abdul Read more
Deputy Minister of Economy of Azerbaijan, Sahib Mammadov,disclosed that from 1995 to 2023, Latvian investment in Azerbaijanamounted to $166 million, matching Azerbaijan's investment inLatvia, Azernews reports.
Addressing the Azerbaijan-Latvia business forum, Mammadovemphasised the progress of relations between the two countries.
He highlighted the growing trade turnover, noting that in 2023alone, trade between Azerbaijan and Latvia reached $65 million,with Azerbaijani exports to Latvia surging by 64% to $45million.
Updating on recent figures, Mammadov stated that inJanuary-February of the current year, trade turnover reached $6million.
"In the first quarter of 2024, the trade turnover reached $6million, with imports totaling $4 million and exports standing at$2 million. However, this volume does not meet the existingpotential of the two countries, so we are not satisfied. We shouldmake an effort to expand the range of goods for import andexport."
Furthermore, Mammadov reported the presence of 69Latvian-capital companies in Azerbaijan as of February, spanningindustries such as manufacturing, transportation, trade, andservices, with 48 currently operational.
Raivis Kronber, State Secretary of the Ministry of Agricultureof Latvia, affirmed Latvia's commitment to enhancing agriculturalcooperation with Azerbaijan.
Highlighting specific areas of interest, Kronber emphasised theimportance of developing enterprises focusing on milk and fishproducts.
"We aim to establish a new memorandum aimed at bolsteringcollaboration through the exchange of expertise in agriculturalbusiness and education, as well as fostering innovative businesssolutions," he remarked.
Yusif Abdullayev, executive director of the Azerbaijan Exportand Investment Promotion Agency (AZPROMO), said that a businessforum will be held in Baku regarding the 29th session of theConference of the Parties to the UN Framework Convention on ClimateChange (COP29), on May 17, 2024.
According to him, important issues will be discussed at theforum: "We would be glad to see partners from Latvia at thisevent."
Mammadov also invited Latvian companies to participate inprojects on the development of agriculture and the restoration ofoccupied territories of Azerbaijan in general, as well as toparticipate in the 29th session of the Conference of the Parties tothe UN Framework Convention on Climate Change (COP29) to be held inBaku in November this year.
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