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Akbar Novruz

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Azerbaijan and Latvia, with a history of amicable relations, are fostering a comprehensive partnership. From economic collaborations to diplomatic ties, the nations are actively engaged in enhancing their relationship.
Diplomatic relations between Azerbaijan and Latvia were established on January 11, 1994, and have since flourished.

The "Azerbaijan-Latvia Information and Network Meeting" commenced in Baku on November 28, bringing together government officials, business representatives, and industry experts from both countries to explore new avenues of collaboration.

Latvian Ambassador to Azerbaijan Edgars Skuja highlighted the historical ties between the two nations and the event's pivotal role in enhancing economic partnerships. “Today's event serves to bring together businessmen and business circles of the two countries, contributing to increasing and expanding our cooperation. We are here for Latvian businessmen who want to come to Azerbaijan, as well as Azerbaijani entrepreneurs interested in doing business in Latvia,” Skuja stated. He added, "Latvia has always fully supported Azerbaijan’s sovereignty and territorial integrity, and we are optimistic about the rapid development of all regions, including Garabagh."

The meeting was jointly organized by AZPROMO and the Latvian Chamber of Commerce and Industry (LCCI) and saw participation from representatives of ICT, education, logistics, and green technologies, among other sectors. Officials from Azerbaijan's State Customs Committee, the State Tax Service, and the Azerbaijan Banks Association also delivered presentations, while participants engaged in B2B meetings to explore partnership opportunities.

Expanding Bilateral Trade and Investment

The trade turnover between Azerbaijan and Latvia reached $22.94 million during the first ten months of 2024, with imports from Latvia comprising the bulk of this figure. Key Latvian exports include dairy products, medicines, and canned fish, while Azerbaijan’s exports to Latvia feature hazelnuts, air compressors, and forest materials.

To further enhance trade ties, AZPROMO Executive Director Yusif Abdullayev announced plans for an export mission to Latvia in 2025. “Last September, our representative participated in the 28th Riga Food Exhibition, and we plan to organize another mission to strengthen our international presence at this important event,” Abdullayev said. He also emphasized Azerbaijan’s modern infrastructure and investment-friendly policies, including tax and customs exemptions in the liberated territories, which offer unique opportunities for international companies.

Boosting Mutual Interest

Latvian companies' interest in Azerbaijan has surged by 30% this year, according to Līga Sičeva, Director of the EU Projects Department at LCCI. “This increase reflects not only interest but also active business engagements. There is significant potential for collaboration in high-value-added sectors like information technologies, education, and green technologies, as well as traditional sectors like food and tourism,” she noted.

The meeting also served as a prelude to the 9th meeting of the Intergovernmental Commission on Economic, Scientific-Technical, and Cultural Cooperation, scheduled for early 2025 in Baku. The discussions are expected to further deepen ties between the two nations, building on the outcomes of the 8th meeting held in Riga in 2022.

As both Azerbaijan and Latvia look to diversify their economies and strengthen global partnerships, events like the "Azerbaijan-Latvia Information and Network Meeting" play a crucial role in fostering sustainable and mutually beneficial growth.