Latvian financial specialists to contribute to Latvia- Azerbaijan economic cooperation

Latvian financial specialists to contribute to Latvia- Azerbaijan economic cooperation

Azerbaijan, Baku, Jan. 28 / Trend S.Agayeva /

Latvia's financial specialists intend to promote Latvian- Azerbaijani economic cooperation.

The cooperation may be achieved in the banking sector because Latvian investors are interested in Azerbaijan's stable economy and efficient banks activities, participants of a conference organized by Maximus Capital, with the support of the Azerbaijani Embassy in Latvia, said.

Azerbaijani Ambassador to Latvia and Estonia Tofig Zulfugarov wished success to Maximus Capital and other representatives of Latvian businesses who are trying to establishing economic cooperation with Azerbaijan.

The conference discussed opportunities and forms of cooperation in the sphere of business, which is important for both countries. Conference participants noted that, despite the relatively large distance, the relations between the two countries have become increasingly close.

"This was achieved thanks to Latvian President Valdis Zatlers's Baku visit and his meeting with Azerbaijani President Ilham Aliyev, the steady growth of Azerbaijan's economy and more than 20 agreements signed between the two countries, including agreements on investment protection and avoidance of double taxation. It opens the doors for business," Zulfugarov said.

Over the past few months, about 120 investors from Latvia have placed their assets in Azerbaijan.

Maximus Capital's Investment Department Head Alexander Sukhobokov noted that Azerbaijan's economy is stable compared to the suffering so economies are undergoing because of the crisis.

The country's gold reserves currently amount to $20.4 billion and GDP growth is 9.3 percent. The country's banking sector almost avoided the crisis as no bank has filed for bankruptcy.

The most important comparative advantage of Azerbaijan's economy is natural resources, and especially hydrocarbons. The country's oil revenues are considered a source of long-term and stable development of the economy. Based on WB's 2010 Doing Business report, Azerbaijan took a leading position in the post-Soviet space.

Maximus Capital Board Chairman Evgeny Zolotarev mentioned that Azerbaijan is a country of enormous possibilities.

"We are working with banks in Azerbaijan for several years and I can say that the banks are working with great dedication and efficiency. In the period from 2008 to 2009 return on assets and capital have increased," he said.

"The banking sector has the full support of the government and the Central Bank of Azerbaijan, and with $20 billion in reserves; it is one of the most reliable sites for investment," he added.

Do you have any feedback? Contact our journalist at [email protected]

New building of fire safety put into operation in Turkmenistan
New building of fire safety put into operation in Turkmenistan
Kazakhstan may launch gas stove production in co-op with Uzbek manufacturer
Kazakhstan may launch gas stove production in co-op with Uzbek manufacturer
Transactions on Uzbek stock exchange increase despite COVID-19
Transactions on Uzbek stock exchange increase despite COVID-19
Loading Bars
Latest
Meeting of Azerbaijan-Iran Joint Economic Commission started in Tehran
Weekly review of highlights in Azerbaijan's ICT sector
New building of fire safety put into operation in Turkmenistan
Prices of precious metals in Azerbaijan decrease
Kazakhstan may launch gas stove production in co-op with Uzbek manufacturer
Transactions on Uzbek stock exchange increase despite COVID-19
Kazakhstan sees decrease in mutual trade with Kyrgyzstan over 11M2020
Import of products by air to Azerbaijan plunges in 2020
Azerbaijani Ministry of Economy talks tax revenues to state budget for 2020
Steel production in Iran rising up
Azerbaijan reveals last year's export, import volumes
Saudi Arabia will be able to reverse its1 mbd cut in April
Global diesel demand to break above 2019 levels in September 2021
Vaccine from COVID-19 used in Azerbaijan - most safe and effective - health minister (PHOTO)
Iran unveils data on its gas extraction
JP Morgan forecasts oil surplus in 1Q21, rapidly tightening markets thereafter
Azerbaijan shows footage from Merdinli village of Fuzuli district (VIDEO)
Iran's rising inflation affects foreign currency rate - analyst
EU gas storage up due to lower demand
Remittances from Azerbaijan to Georgia up
Georgian Nikora supermarket chain aims to increase its turnover
Uzbekneftegaz detects previously unknown layers of natural gas at Lower Surgil field
Airport in Uzbekistan extends tender for purchase of batteries
Airport in Uzbekistan extends tender for purchase of building materials
Georgia sees significant decrease in COVID-19 cases
UK teachers, police, shop workers could get vaccine in phase 2
President Aliyev sends letter to Kazakhstan's First President Nazarbayev
Azerbaijan unveils data on total exports for 2020
Weekly review of Azerbaijani oil prices
CNPC ready to expand mutually beneficial co-op with Turkmenistan
Kazakhstan’s oil-producing company opens tender to buy pipes
India gives Nepal 'iron clad' commitment on Covid-19 vaccine, supply schedule coming week
UK invites PM Modi to attend G7 summit in June; Boris Johnson likely to visit India ahead of summit
Israel can contribute to reconstruction process in Azerbaijan's Karabakh - Azerbaijani MP
Uzbekistan, Kazakhstan consider opening new transport corridors
Prospects of Nakhchivan corridor - new dev't stage in post-blockade period -Azerbaijani MP
Indian government offers Nepal HADR training, capacity building
Uzbekistan to provide discounts for foreign airlines carrying pilgrims
Saudi Arabia interested in expanding investment co-op with Uzbekistan
Tourism not to reach pre-pandemic levels until 2023 in Georgia
Turkmenistan - supplier of polymer products for Russian plant
Azerbaijani MoD shares footage from Aghdam district's Khydyrly village (PHOTO/VIDEO)
Azerbaijan's Health Minister, Head of TABIB vaccinated from COVID-19 (PHOTOS)
Vietnam gives Foxconn unit licence for $270 million plant to produce laptops, tablets
Azerbaijani medical workers undergoing vaccination from COVID-19 (PHOTOS)
Coronavirus vaccination in Azerbaijan to kick off on Jan. 18
Azerbaijan leads in South Caucasus in terms of military power
Kazakhstan approves rules for categorization of hydrocarbon deposits
Iran's trade turnover with Lebanon declines
Oil's supply-led rally peters out as virus cases surge
FinExpertiza highlights investments that brought highest returns in 2020
Iranian currency rates for January 18
Iran issues licenses for setting up enterprises in Bushehr Province
New coronavirus variant hits posh Swiss resort of St Moritz
Iranian COVID-19 vaccine enters fourth stage of human trial
Seized S. Korean tanker to be released soon - Iran-South Korea Chamber of Commerce
UAE, Afghanistan buy aviation kerosene on Turkmenistan's exchange
Azerbaijan ranks second in Oxford COVID-19 Government Response Tracker
Azerbaijani currency rates for Jan. 18
SOCAR talks on new perspective sources for Southern Gas Corridor
Over 61% of work on Absheron First Gas project completed
Work on installation of Karabagh support block ongoing
Azerbaijan shares data on foreign companies engaged in illegal activities in formerly occupied territories
Azerbaijan increases export of oil products
Azerbaijani Finance Ministry to auction mid-term bonds
Azerbaijan talks seismic stations to be installed in liberated lands
Uzbekistan reveals COVID-19 data for January 18
Tehran Stock Exchange's TEDPIX experienced significant drop
Increase of customs duties rarely affects imported commodity prices - Iran's Import Supreme Council
Iran approves new amendments to support electronic administrative system
Iran distributes Euro 4 standard fuel to big cities
Methane emissions in oil and gas industry could rebound strongly
Restoration of transport communications in S.Caucasus - major infrastructure construction project - Russian expert
Secretary-General of Turkic Council talks destruction of Azerbaijan's Aghdam city
China reports 109 new COVID-19 cases as infections persist in northeast
Azerbaijan discloses oil price per barrel
Weekly review of Azerbaijani precious metals market
Azerbaijan’s import of products in 2020 down
Iran shares data on loans issued for manufacturing enterprises in Kurdistan province
Area for wheat planting in Iran grows
Iran sees increase in trade turnover with Oman
First loading and unloading equipment enters Iranian Chabahar port
Iranian parliament seeks to increase foreign currency rate
Global coronavirus cases top 95 mln
Brazil to begin mass COVID-19 vaccination campaign on Jan. 20
US non-profit group demands Apple remove Telegram from App Store
Iran's Persian Gulf Bid-Boland Gas Refining Company continues its exports
Mass coronavirus vaccination campaign begins in Russia
India confirms 447 cases of adverse events following COVID-19 vaccination
France registers 16,642 new coronavirus cases, 141 deaths
Sweden continues to use remdesivir for COVID-19 treatment despite WHO advice: report
Biden will wait for recommendation on sharing secrets with Trump
UK records lowest daily increase of coronavirus cases this year
Israel registers 5,825 new COVID-19 cases, totaling 547,689
Brazil clears emergency use of Sinovac, AstraZeneca vaccines, shots begin
Azerbaijan discloses volume of methanol exported in 2020
Portugal's health system on brink of collapse as COVID-19 cases surge
Iran, EUAE trade value hits $3.419B since signing PTA: TPOI
Turkey's daily COVID-19 case count drops below 7,000
Iranian Offshore Oil Company boosts extraction
All news