Сo-op in Eurasian transport networks may create new opportunities for transit corridors between Latvia, Azerbaijan - embassy

Сo-op in Eurasian transport networks may create new opportunities for transit corridors between Latvia, Azerbaijan - embassy

BAKU, Azerbaijan, Apr. 19

By Nargiz Sadikhova - Trend:

Despite the consequences of the COVID-19 pandemic, the total trade turnover of goods between Latvia and Azerbaijan in 2020 was 18.08 million euro, increasing by 2.4 percent compared to 2019, Deputy Head of Latvian Mission in Azerbaijan Vija Buša told Trend in an interview.

Buša noted that Azerbaijan is an important partner of Latvia's foreign trade.

Of the 2020 trade turnover volume, exports of goods have amounted to 17.37 million euros, increasing by 2 percent, while imports of goods represented 0.72 million euros, increasing by 11 percent compared to 2019.

"The main categories of goods exported from Latvia to Azerbaijan currently are food products, construction and building materials, wood products, chemicals, and pharmaceuticals. The Covid-19 pandemic presents challenges and opportunities. It is great to see that export of food and agricultural products is continuing even in these tough times," she said.

In her words, there are also new opportunities for bilateral trade.

"Just recently, in March, completely new to the market, dairy products were exported to Azerbaijan by dairy production company "Tukuma Piens". Brands of "Baltais", "BaltaisEco", "Exporta" and "Skyr" sour cream, cottage cheese, yoghurt and other dairy products offered at "AZZA" shops and there are plans to increase the export of these products. Also, high-quality seafood was introduced by the "Banga" factory and delicious "Pūre" Chocolate Truffles returned to the customers in Baku," she explained.

Buša said that the bilateral trade in services between Azerbaijan and Latvia decreased significantly in 2020 and amounted to 6 million euros, including 5 million euros worth of exports, and 1 million euros worth of imports.

"The fall is due to travel restrictions because of the COVID-19 pandemic since mainly services are provided in the transport and travel areas (tourism). By now, the external borders of the EU, as well as the borders of Azerbaijan, remain closed for regular passenger traffic thus very much curbing the cooperation in the service sector, which was usually exceeding one-third of the total bilateral trade turnover," she said.

Buša noted that as soon as the epidemiological conditions will allow, the Latvian side wants to re-establish direct AirBaltic flights on the Riga-Baku route - now, flights are planned from June 2, 2021.

Talking investment cooperation between the two countries, Buša noted that at the end of 2020, Azerbaijan's direct investment balances in Latvia amounted to 17 million euros.

"The Latvian Enterprise Register registers 130 companies with Azerbaijan investments in fixed capital, taking place at 65th investment volume. Major investments of Azerbaijan in Latvia in the hotel, wholesale (including petroleum products), real estate, and catering sectors," she said.

She also emphasized that although there might be no large investment projects, Latvia has identified several economic sectors as priorities for attracting foreign investment:

- smart specialization sectors: ICT, bioeconomy, smart materials and photonics, biomedical and smart energy;

- international business services centers;

- construction, transport, and logistics, if linked to projects in the above-mentioned sectors.

Buša said that Latvia wants to continue joint work and expand cooperation in the implementation of joint cultural, educational and research projects.

"We call upon the Azerbaijani businesspersons to use the three large non-freezing ports for the provision of logistics services in Riga, Ventspils and Liepaja, both on import and export of goods from the European Union. We offer to build own production businesses for efficient distribution in the Northern European region of Latvian ports, using tax reductions and other advantages for the production and processing of goods," she said.

In her words, it is important that the multimodal transport corridors cross Latvia's territory from East to West and North to South.

"The main cargo flow, mostly transit, moves from the East to the West through Latvian ports - connecting Russia, CIS and Asian countries not only with Western Europe but also with the Nordic countries. We also want to develop container train traffic in both Asia and the Black Sea directions, as well as developing sea container lines in the Baltic Sea and the North Sea regions to promote intermodal sea-rail transport services between Europe and Asia through Latvian ports," Buša said.

She noted there are good opportunities to encourage the transit potential of our countries by cooperating in the Eurasian transport networks and using both rail and air transport. It may create new opportunities for transit corridors between Latvia and Azerbaijan, she said.

"It should be underlined that the current bilateral trade volume does not reflect the actual economic potential of our countries. The promising area is green technologies where Latvia has well-developed expertise and knowledge, but it is important to develop cooperation in different fields. The Embassy continues to work on encouraging our entrepreneurs to look for new opportunities and to strengthen trade and economic relations between Latvia and Azerbaijan," Buša added.

She also emphasized that in spite of the COVID-19 pandemic, a growing interest of the Azerbaijani students to study in Latvian higher education institutions can be noted.

Buša noted that as a result, 169 students from Azerbaijan are studying in Latvia in the 2020/2021 academic year (168 in the 2019/2020 academic year and 144 in the 2018/2019 academic year).

In the 2020/2021 academic year 9 scholarships were granted for studies and 8 scholarships were granted for participation in international summer schools to students and researchers from Azerbaijan.

"Latvia is interested to promote further cooperation with Azerbaijan in education, particularly in higher education and research, including promoting the mobility of students, researchers, and academic personnel, exchanging information and experience, as well as developing joint projects," she said.


Follow the author on Twitter: @nargiz_sadikh

Kazakhstan's import value of Turkish electrical goods disclosed
Kazakhstan's import value of Turkish electrical goods disclosed
Kazakhstan’s postal operator to engage repair services via tender
Kazakhstan’s postal operator to engage repair services via tender
Kazakh energy company opens tender for buying isolators
Kazakh energy company opens tender for buying isolators
Loading Bars
China's import value of Turkish electrical goods up in 4M2021
Turkey unveils number of ships docking at Tuzla port in 1Q2021
French import of grains from Turkey rises in value
Fitch predicts growth in foreign direct investments in Azerbaijan
U.S. requires inspections for wire failure on Boeing 737 Classic planes
Azerbaijani oil prices rebound
Iran hoping to overcome 4-th peak of COVID-19
Iran worried about blackouts due to cryptocurrency mining at homes
Georgia increases exports of beer
Kazakhstan's import value of Turkish electrical goods disclosed
Kazakhstan’s postal operator to engage repair services via tender
Kazakh energy company opens tender for buying isolators
Uzbekistan's import value of Turkish electrical goods notably up
Walmart says fully vaccinated employees can go without masks starting Tuesday
Azerbaijani president, first lady visit secondary school No 1 and Saint Elisæus Jotaari Church in Nij settlement, Gabala (PHOTO)
Georgia reports 1,576 new cases of COVID-19
Iran hopes to start exporting gas if Vienna talks are successful
Iran's 4M2021 import of Turkish grains doubles in value
Turkey reveals 1Q2021 volume of cargo shipment via Trabzon port
Value of Turkish cement export to Germany rises
EBRD to back development renewable energy projects in Georgia
Azerbaijani president, first lady attend opening ceremony of Gabala Railway Station and Laki station - Gabala single-track railway (PHOTO)
Azerbaijani president, first lady attend opening ceremony of new bridge over Bum River, road to Bum settlement after renovation (PHOTO)
Azerbaijani president, first lady visit Albanian Church of Blessed Virgin Mary in Nij settlement, Gabala (PHOTO)
Azerbaijani president, first lady arrive in Gabala district (PHOTO)
Iran inaugurating more projects in Chabahar port
Romania’s Romgaz lowers natural gas output q-o-q
No provocative actions against Russian peacekeepers noted in Karabakh - MoD
Casualties due to landmines in Azerbaijani liberated territories addressed at online conference
India: Modi releases 8th instalment of PM-KISAN benefits
Fitch revises outlook on Azerbaijan's IDR
Armed forces spearhead India’s Covid battle
UN Secretary-General counts on cooperation with Russia in supporting peace and stability
Romgaz’s investments turn out to be 39% less than planned
Spain logged hottest year on record in 2020
Romgaz sees over 7% decrease in Q1 2021 revenues
Khari Bulbul festival in Azerbaijan's Shusha became message to the world - MP
TAP AG joins other partners to submit White Dragon for IPCEI status
UAE urges Mideast ceasefire, offers condolences to all victims
Vienna Energy Research Group talks Iran's capacity in oil production, int'l oil sales
Iran to invest in Afghanistan's infrastructure projects
Petrochemical revenues to become less volatile, says McKinsey & Co.
Tickets for UEFA EURO 2020 matches in Baku up on sale (PHOTO)
Georgia’s subsistence minimum up
Azerbaijan to have two routes to Turkey within BTK corridor
Europe has right conditions for "safe reopening" of tourism in summer - EU Commissioner
Georgian-Lithuanian co-op facilitates freight transport between China, Europe - Ministry
Jan.-Apr. 2021: Georgian wine export up 15%
Demand for domestic tourism on the rise in Kazakhstan
Some 300 applicants register for Presidential elections in İran
Turkey’s 87 tech zones exports reach $5.8 billion
China's probe lands on Mars
Kazakhstan keen to cooperate with Spain in water resources management
Number of active U.S. drilling rigs increases this week
Cuba reports record number of daily COVID-19 cases
Japanese lawyer implores Tokyo to cancel Olympics, 350,000 sign petition
Romania to ease COVID-19 restrictions from Saturday
U.S. city Columbus agrees to pay 10 mln USD to family of unarmed black man killed by police
3 rockets fired from Syria toward Israel
Indonesia reports 2,633 new COVID-19 cases, 107 new deaths
Turkey reports over 14 400 COVID-19 cases)
New project 'Log in Georgia' to give access to high-speed internet to people in rural areas
Head of Kazakhstan holds meeting with World Bank Vice President for Europe and Central Asia
Lithuanian company launches innovative complex solution in Azerbaijan's financial sector
5.2 mln Ethiopians in restive northern region need food aid - UN
Improved coronavirus conditions lead to further relaxation of restrictions in Cyprus
Israel's annual inflation up 0.8 pct, highest in nearly 2 years
Chairs of Azerbaijani Parliament, Turkish National Assembly talk issues of mutual interest
COVID-19 kills 202 more Iranians over past 24 hours
Lithuania gifts 15,000 Covid-19 vaccines to Georgia
Turkey to gradually relax COVID-19 measures, normalcy in June
President Tokayev receives Finnish Minister for Development Cooperation and Foreign Trade
First Vice-President Mehriban Aliyeva made another post from Karabakh (PHOTO/VIDEO)
Germany's COVID-19 incidence rate drops below 100 for first time in two months
Georgia updates environmental targets with support from EU4Climate project
Azerbaijani FM, high-ranked EU official discuss Armenian-Azerbaijani border situation
Extra costs to air fares for PCR testing almost double flight cost - IATA
SOCAR to supply Rosneft’s oil products to Baltic states, Ukraine, Poland
Google leads U.S. business push to preserve work permits for H-1B spouses
Production of electric cars in Iran needs more motivation - ministry official
Azerbaijan, US exchange views on Armenian-Azerbaijani border situation
Azerbaijan shares data on number of vaccinated citizens for May 14
Georgia negotiating with South African, Polish companies to manufacture military UAVs
Second batch of Sputnik V vaccine expected to be delivered to India by end of the week
London May cocoa expiry sees 72,230 tonnes tendered
Azerbaijan confirms 326 more COVID-19 cases, 1,262 recoveries
Azerbaijan names date of issuing tickets for UEFA EURO 2020 matches in Baku
Afghan president calls Azerbaijani president
Wizz Air joins airlines cancelling Tel Aviv flights
Georgia receives financing from WB toward cost of energy supply reliability
More Azerbaijani enterprises to export tomatoes to Russia
'Lancet report on India COVID-19 response another attempt to undermine developing country's ability to challenge big pharma's monopoly'
Kazakh telecommunications company opens tender to buy station for wells management
Russia reports 9,462 daily COVID-19 cases
Azerbaijani MoD names number of commissioned military units in liberated areas (PHOTO)
Total assets of INPEX rise in Q1 2021
INPEX sees decrease in net natural gas sales
INPEX Corporation increases net sales of crude oil
Turkish company Chalik Holding to build new wind farm in Georgia
No oil deliveries planned from Azerbaijan to Belarus in May
All news