Official: Baku, Riga mutual investments exceed $330 million

Azerbaijan’s Deputy Minister of Economy Sahib Mammadov has said that the total volume of foreign direct investments of Azerbaijan and Latvia totalled $332 million.

"Another important area of our economic ties is investment co-operation. I would like to note that from 1995 to 2023, the amount of direct investments from Latvia to the Azerbaijani economy reached $166 million. And from Azerbaijan to Latvia - also $166 million. As you can see, the figures converge," Caliber.Az quotes Mammadov as addressing the Azerbaijani-Latvian business forum in Baku on May 13.

Mammadov also noted that in the first quarter of 2024, the volume of mutual trade turnover amounted to $6 million.

"Naturally, we are not satisfied with these indicators. These indicators do not reflect the real capabilities of our states. And in this direction, we need to make every effort to increase these figures," the deputy minister emphasised.

In this context, Mammadov noted that there are ample opportunities to expand the nomenclature of goods and further increase trade turnover, including mutual import and export of a number of competitive products.

According to the deputy minister, 69 companies with Latvian capital were registered in Azerbaijan at the beginning of February this year in such spheres as industry, transport, trade and services, of which 48 companies are active.

"I should add that Latvia and Azerbaijan have also jointly participated in 8 twinning projects of the European Union with a total value of 9 million euros, demonstrating our commitment to partnership on several fronts," Mammadov said.

At the same time, the deputy minister drew attention to the potential for the development of bilateral relations in the agricultural sector.

"Considering that about 30 per cent of Latvia's territory is allocated to agriculture, and in Azerbaijan, we are making great efforts to reintegrate liberated territories into the agricultural cycle and introduce sustainable agricultural practices, I see great potential for cooperation," Mammadov emphasised.

In addition, Mammadov said, a promising area for expanding the partnership is joint production in special economic zones, which include industrial zones and the Alat free economic zone.

The deputy minister also called on Latvian companies to take part in the reconstruction of towns and districts of Karabakh and East Zangezur.

"We expect active participation of Latvian companies in projects in the liberated territories, as well as in Azerbaijan as a whole to further strengthen partnership ties," Mammadov said.