Deputy Minister unveils bilateral investment figures between Azerbaijan, Latvia

Deputy Minister of Economy of Azerbaijan, Sahib Mammadov, disclosed that from 1995 to 2023, Latvian investment in Azerbaijan amounted to $166 million, matching Azerbaijan's investment in Latvia, Azernews reports.

Addressing the Azerbaijan-Latvia business forum, Mammadov emphasised the progress of relations between the two countries.

He highlighted the growing trade turnover, noting that in 2023 alone, trade between Azerbaijan and Latvia reached $65 million, with Azerbaijani exports to Latvia surging by 64% to $45 million.

Updating on recent figures, Mammadov stated that in January-February of the current year, trade turnover reached $6 million.

"In the first quarter of 2024, the trade turnover reached $6 million, with imports totaling $4 million and exports standing at $2 million. However, this volume does not meet the existing potential of the two countries, so we are not satisfied. We should make an effort to expand the range of goods for import and export."

Furthermore, Mammadov reported the presence of 69 Latvian-capital companies in Azerbaijan as of February, spanning industries such as manufacturing, transportation, trade, and services, with 48 currently operational.

Raivis Kronber, State Secretary of the Ministry of Agriculture of Latvia, affirmed Latvia's commitment to enhancing agricultural cooperation with Azerbaijan.

Highlighting specific areas of interest, Kronber emphasised the importance of developing enterprises focusing on milk and fish products.

"We aim to establish a new memorandum aimed at bolstering collaboration through the exchange of expertise in agricultural business and education, as well as fostering innovative business solutions," he remarked.

Yusif Abdullayev, executive director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), said that a business forum will be held in Baku regarding the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), on May 17, 2024.

According to him, important issues will be discussed at the forum: "We would be glad to see partners from Latvia at this event."

Mammadov also invited Latvian companies to participate in projects on the development of agriculture and the restoration of occupied territories of Azerbaijan in general, as well as to participate in the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) to be held in Baku in November this year.