Deputy Minister: Azerbaijan counts on expanding trade with Latvia

Azerbaijan counts on expanding trade turnover with Latvia and using Latvian experience to develop agriculture in its liberated territories, Deputy Economy Minister of Azerbaijan Sahib Mammadov said at the Azerbaijani-Latvian business forum in Baku, Report informs.

According to Mammadov, the trade turnover between the two countries at the end of 2023 amounted to $65 million, of which $45 million (an increase of 64%) were exports from Azerbaijan to Latvia.

“In the first quarter of 2024, trade turnover amounted to $6 million. However, we are not satisfied with this volume, since it does not meet the existing potential of the two countries. We need to make every effort to expand the range of goods for import and export,” Mammadov said.

The deputy minister emphasized that Azerbaijan's investments in the Latvian economy at the end of 2023 amounted to $166 million. The same volume of Latvian investments has been injected into the Azerbaijani economy, he added.

Sahib Mammadov also invited Latvian companies to participate in projects for the development of agriculture and, in general, for the restoration of the liberated territories of Azerbaijan, as well as to take part in COP29, which will be held in Baku in November 2024.