Azerbaijani, Latvian businessmen to review cooperation prospects

Business Materials 13 April 2009 20:32 (UTC +04:00)

Azerbaijan, Baku, April 13 / Trend , I.Khalilova/

Latvian Foreign Minister Maris Riekstins is on a state visit to Baku. During the visit to Azerbaijan, the Azerbaijani-Latvian business-forum will be held in Azerbaijan on April 17, the Economic Development Ministry Azerbaijan Export and Investment Promotion Foundation (AZPROMO) said.

Riekstins will also attend at the meeting with members of the Caspian-European Integration Business Club (CEIBC) on the prospects of economic cooperation between Latvian and Caspian countries. The CIBC participants will deliver detailed information on possibilities of cooperation and investing, as well as holding of business negotiations.

The legal and normative basis between Azerbaijan and Latvia includes ten agreements. There are agreements in the economic sector on mutual investing, including avoid of double tax paying, economic and scientific and technical cooperation and etc.

Despite the legal basis, the trade turnover between the countries is too low. In 2008, the trade turnover between Azerbaijan and Latvia increased by 47.5 percent to $7.9 million. In 2006, the trade turnover between two countries hit $10.2 million.

Business meetings between the both countries aimed at increasing trade. Cooperation with Latvia is remarkable even in that it has a very unique experience to transfer to standards of the European Union. Latvia introduced the system 2002-2006.

Latvia is interested in the cooperation with Azerbaijan in the shipment of Azerbaijani petroleum to diversify suppliers. Currently, Parex bank has a representative in Baku and daughter company Parex Leasing.

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