By Leman Mammadova
Azerbaijani products have been featured in Latvia to further promote local brands and increase export potential.
Azerbaijani export mission was sent to Riga, Latvian capital city, with the support of the Ministry of Economy, the Export and Investment Promotion Foundation of Azerbaijan (AZPROMO).
The export mission includes 23 companies operating in wine and other alcoholic drinks, food and textile products, as well as in tourism.
About 100 entrepreneurs from both sides took part in the business meeting between the Azerbaijani and Latvian companies on the first day of the mission.
During the meeting, the sides discussed the work done to promote Made in Azerbaijan. During the meeting, participants were informed about the work done to promote the Made in Azerbaijan brand, expansion of Azerbaijani products' exports to Latvia was discussed.
On the second day of the visit, on December 8, tasting of Azerbaijani wines produced under Made in Azerbaijan brand was held. The participants were presented examples of products produced in different regions of Azerbaijan.
Within the framework of export mission held on April 7-10, meetings will be held in Azerbaijan's Trade House in Latvia, visits to trade networks will be organized.
The introduction of local products of Azerbaijan to international markets is boosting the non-oil sector of the economy and strengthens business ties with foreign countries.
Therefore, Azerbaijan is organizing a number of export missions to promote national products under the Made in Azerbaijan brand.
Launched in 2016, the Made in Azerbaijan brand envisages a large-scale promotion of local non-oil products in foreign markets.
Export missions are a supporting measure to identify opportunities for accessing new markets, strengthen local product positions in existing markets and provide these markets with new products.
Trade relations are one of the main directions of bilateral cooperation between Azerbaijan and Latvia.
The trade turnover between Latvia and Azerbaijan increased for more than 20 percent year-on-year amounting to 19.84 million euros in 2018.
Although the indicators on mutual trade turnover between Azerbaijan and Latvia are not high so far, progress achieved in this area can be noted in recent years.
The Joint Declaration on the Establishment of a Strategic Partnership, signed between the two countries in 2017, has contributed to the ongoing political dialogue, the program of economic cooperation, as well as the interaction in the field of education and culture.
Azerbaijan invested $ 164 million to Latvia, while the Latvia invested $ 84 million in the economy of Azerbaijan so far. About 40 Latvian companies operate in construction, service, industry, communications, transport, trade, banking and insurance sectors of Azerbaijan.
On July 23, 2018, Azerbaijan's Trade House was opened in Riga, Latvia, aimed at promotion of the Made in Azerbaijan brand in the Latvian market, expansion of the export of Azerbaijani products, organization of sales in Latvia and work coordination in this field. Latvia is currently working to open a similar business venture in Baku.
Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
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