Azerbaijan enjoys potential for investing in Latvian economy

/By AzerNews/

By Amina Nazarli

Azerbaijan enjoys huge potential for investment making in Latvia, said Azerbaijan`s Minister of Economy and Industry Shahin Mustafayev as he met Latvian Minister of Economy Dana Reizniece-Ozola.

The meeting was held as part of the Azerbaijani-Latvian business forum held in Baku on November 25, gathering about 20 Latvian companies, operating in ICT, food production, logistics, economy, medicine and pharmacy, tourism, education, design and architecture, and the production of organic fertilizers.

The minister said, despite the low level of trade turnover between the two countries, holding such business forums, and establishment of healthy business relations between entrepreneurs of the two countries create a real opportunity for the realization of the economic potential between Latvia and Azerbaijan.

Mustafayev went on saying that Azerbaijan has many interesting fields which can attract Latvian companies.

Reizniece-Ozola, in turn, said there are all opportunities for expansion of economic cooperation between the two states, adding that some 102 enterprises with Azerbaijani capital are operating in Latvia.

More than 30 Latvian companies are operating in Azerbaijan.

Expressing confidence that after the forum, this figure will increase, she informed the participants about that Azerbaijan rank 52nd among countries investing in the Latvian economy.

While talking to journalists Reizniece-Ozola said that the two countries have great potential for increasing trade turnover, which amounted to $33 million last year.

The Latvian minister noted that bulk of the Latvian exports to Azerbaijan is the products of animal origin, food industry, metals, machinery, chemical products and wood.

“Latvia, in turn, imports from Azerbaijan food products, which makes up about 80 percent of our import from Azerbaijan. Azerbaijan also may import sub products to Latvia and bring the production to an end in Latvia. The same may be profitable for Latvian companies in Azerbaijan. Thus, the products will meet the standards adopted in our countries,” she noted.

The minister also informed the journalists about the resumption of regular flights between Baku and Riga.

Latvia’s airBaltic company carries out flights to Baku, only in summer, since the principal demand for flights is observed in this season for tourism, she said.

Pointing out that that the resumption of regular flights can enable the countries to expand the bilateral relations, she reminded that in early 2015, during the visit to Baku, Latvia’s Minister of Transport Anrijs Matiss held talks on this issue.

Dana Reizniece-Ozola noted that it is very important both for increasing the tourist flow and for developing the business.

The airBaltic company carries out Baku-Riga flights on Sundays in summer, while in the opposite direction the flights are carried out on Saturdays. The flights are carried out by Boeing 737 airliner, costing $330.

During the Baku visit, the Latvian minister also met Azerbaijan`s Minister of Emergency Situations Kamaladdin Heydarov.

Heydarov highlighted great deal works carried out in the field of preventing the emergencies in the country, as well as successful cooperation of the ministry with the relevant bodies of Latvia.

Reizniece-Ozola, for her part, said there was great potential for boosting cooperation between the both sides.

Meanwhile, the Latvian Days are running in the capital city from November 23 to December 12.

Being held under the slogan “Discover Latvia! Feel Latvia!” the event features Latvian culture and its national cuisine.

Today, Baku’s Heydar Aliyev Center is hosting an exhibition of Latvian artists entitled "Different Sea. One World," which will last until February 29.