Lat­vian com­pa­nies may ex­pand busi­nesses in lo­cal mar­ket

Azer News - - Front Page - By Le­man Mam­madova

Many Lat­vian com­pa­nies are in­ter­ested in co­op­er­a­tion with Azer­bai­jan, Am­bas­sador of Latvia to Azer­bai­jan Ju­ris Mak­lakovs said in an in­ter­view with Trend.

Many Lat­vian com­pa­nies are in­ter­ested in co­op­er­a­tion with Azer­bai­jan, Am­bas­sador of Latvia to Azer­bai­jan Ju­ris Mak­lakovs said in an in­ter­view with Trend.

Not­ing that the Lat­vian phar­ma­ceu­ti­cal com­pa­nies such as GRIDEX and OLAINFARM were rep­re­sented in Azer­bai­jan, the am­bas­sador said they are the largest com­pa­nies in the coun­try and they will ex­pand their busi­ness in Azer­bai­jan if they re­ceive good busi­ness pro­pos­als.

The am­bas­sador ex­pressed his con­tent­ment for the open­ing of Azer­bai­jan Trade House in Riga, the Lat­vian cap­i­tal, in July and noted that Latvia is cur­rently work­ing to open a sim­i­lar busi­ness ven­ture in Baku.

Speak­ing about the pri­or­i­ties of the co­op­er­a­tion, the am­bas­sador drew at­ten­tion to the is­sues of trade and in­vest­ment, ed­u­ca­tion and science, cul­ture and tourism, trans­port, in­for­ma­tion and com­mu­ni­ca­tion tech­nolo­gies, agri­cul­ture, en­vi­ron­men­tal pro­tec­tion and con­struc­tion.

Touch­ing upon the in­vest­ments, Mak­lakovs noted that Azer­bai­jan’s for­eign di­rect in­vest­ment in Latvia is $12 mil­lion, while Lat­vian for­eign di­rect in­vest­ment in Azer­bai­jan is $1 mil­lion.

Diplo­matic re­la­tions be­tween Azer­bai­jan and Latvia were es­tab­lished in 1994. Trade re­la­tions are one of the main direc­tions of bi­lat­eral co­op­er­a­tion be­tween Azer­bai­jan and Latvia.

Since last year there have been sig­nif­i­cant im­prove­ments in eco­nomic ties be­tween Latvia and Azer­bai­jan.

In Jan­uary-Oc­to­ber 2018, the trade turnover be­tween the coun­tries amounted to $19.45 mil­lion, of which $1.62 mil­lion ac­counted for ex­ports from Azer­bai­jan.

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.

Latvia ap­pre­ci­ates Azer­bai­jan's role in a num­ber of en­ergy projects, in­clud­ing TAP and TANAP.

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.

This year, Azer­bai­jan's Trade House was opened in Riga, Latvia, on July 23, 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.

At the time, Me­moran­dums of Un­der­stand­ing on ex­port of Azer­bai­jani prod­ucts to Latvia were signed be­tween Kaslar LLC and Bina Aqro LLC and Lat­vian com­pa­nies.

About 70 types of wine prod­ucts pro­duced by Azer­bai­jani com­pa­nies, 26 va­ri­eties of co­gnac, 10 va­ri­eties of vodka, 26 types of tea, 23 types of fruit juices and com­potes, more than 70 types of prod­ucts, in­clud­ing veg­etable oils, olives, hazel­nuts, fruit and veg­etable, tex­tile and cos­metic prod­ucts, in­dus­trial goods, tourism ser­vices are pre­sented in the trade house.

It should be noted that Lat­vian tex­tile pro­duc­ers plan to cre­ate joint pro­duc­tion in Azer­bai­jan in fu­ture to ex­port their prod­ucts to the CIS mar­kets.

Azer­bai­jan in­vested $ 164 mln to Latvia, while the lat­ter 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.

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