Azerbaijan, Baku, Nov. 28 /Trend E.Ismayilov /
Azerbaijani-Latvian political dialogue promotes economic relations between the countries, Latvian Prime Minister Valdis Dombrovskis said during an Azerbaijani-Latvian business forum in Baku on Wednesday.
Over 260 companies with Azerbaijani capital are operating in Latvia and the Prime Minister expressed the hope that their number will increase in the future.
"The Latvian economy is one of the fastest growing in Europe despite the problems and situation that currently exist in the EU" Dombrovskis said.
During the business forum the prime minister spoke about the broadening of potential areas of cooperation.
Minister of Economic Development Shahin Mustafayev said that political relations between the countries are at a high level which creates conditions for further development of economic relations.
"A good regulatory legal framework was established during the development of relations. Last year trade turnover between Azerbaijan and Latvia increased 2.5 times compared to 2010, and there are enough opportunities and areas of cooperation that would ensure the growth of economic relations between the two countries, "the minister said.
Mustafayev noted that the forum involved over 79 Latvian and 150 Azerbaijani companies which opens up possibilities for cooperation between the parties and strengthens existing ties.
At present, 17 companies with Latvian investments are operating in Azerbaijan in the fields of services, industry, trade, banking and insurance.
According to Latvia's statistics, in 2011 foreign trade turnover between Latvia and Azerbaijan reached 27 million euros, which is 45 per cent more than in 2010. Exports of goods and services accounts for 23 million euros (a 45 per cent increase), whilst the import of goods and services was four million euros (a 50 per cent increase).
In 2011, Latvia exported goods worth18.1 million euros to Azerbaijan and imported goods worth 3.3 million euros from Azerbaijan.
During the first three quarters of 2012, Latvia exported goods worth 12.1 million euros to Azerbaijan and imported goods worth 1.3 million euros from Azerbaijan.
The main goods exported from Latvia to Azerbaijan are animals, metal, food and chemical products. Mineral and food products are mainly imported from Azerbaijan.
