Azerbaijan-Latvia Trade Turnover Offers Ample Opportunities For Growth - Deputy Minister

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 13. There are abundantopportunities to diversify the range of products and enhance tradevolume between Azerbaijan and Latvia, Azerbaijani Deputy EconomyMinister Sahib Mammadov said at the Azerbaijan-Latvia BusinessForum, Trend reports.

“These robust exchanges and productive interactions between ourheads of state have fostered a strategic cooperation between ournations. We've built a strong bilateral legal framework with 45signed documents, including the Declaration on StrategicPartnership. Further strengthening our cooperation are agreementson investment promotion, mutual protection, and double taxationavoidance,” Mammadov said.

He added that the trade turnover between the countries amountedto $65 million in 2023. Azerbaijan's exports to Latvia increased by64 percent, reaching $45 million, while imports amounted to $20million.

In the first quarter of 2024, the trade turnover amounted to $6million.

“Moreover, there are abundant avenues to diversify productofferings and bolster trade volume, encompassing reciprocal importand export of several competitive goods.

Investment cooperation stands as another vital facet of oureconomic relations.

It's worth mentioning that between 1995 and 2023, directinvestments from Latvia to Azerbaijan totaled $166 million, whileinvestments from Azerbaijan to Latvia amounted to the same figure, we maintain balanced cooperation, yet both sides acknowledgethe imperative for its proactive advancement,” the deputy ministersaid.

He noted that out of the 69 Latvian companies registered inAzerbaijan as of February this year, 48 are operational in sectorssuch as industry, transportation, trade, and services.

“Additionally, it's worth mentioning that Latvia and Azerbaijanhave collaboratively engaged in eight twinning projects funded bythe European Union, totaling 9 million euros. This underscores ourdedication to partnership across various endeavors,” Mammadovadded.

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