ASTANA, Kazakhstan, January 30. Kazakhstan invited Latvian investors to jointly implement transport projects, Trend reports.
This was stated during a meeting between Minister of Transport of Kazakhstan, Marat Karabayev, and his Latvian counterpart, Kaspars Briškens.
The parties noted the importance of the role of the joint working group on transport and regional connectivity, and also discussed cooperation in the field of civil aviation and road transport.
In addition, the ministers talked about concluding a memorandum on the development of the Trans-Caspian International Transport Route (TITR, or Middle Corridor).
"In the near future, a visit of the Kazakh delegation with the participation of Kazakh transport companies and business structures under my leadership to the Baltic countries is expected, which, I am sure, will strengthen our relations in the field of transport," Marat Karabayev said.
In turn, Kaspars Briškens expressed interest in the further development of trade and economic relations between Kazakhstan and Latvia.
Meanwhile, Latvia is an important trade and economic partner of Kazakhstan in the Baltic region. Kazakhstan is one of the top five trading partners of Latvia among the CIS countries.
Trade turnover between Kazakhstan and Latvia in 2022 amounted to $216.2 million, which is 3.7 times higher than in 2021 ($58.3 million). Exports during this period amounted to $182 million, and imports were $34.2 million.
From January through May 2023, trade turnover amounted to $189 million ($42.9 million for the same period in 2022).
About 120 Latvian enterprises, including joint ones, are registered in Kazakhstan. About 100 Kazakh companies operate in Latvia. Businesses operate in areas such as logistics, trade, and financial consulting.
According to the National Bank of the Republic of Kazakhstan, investments from Latvia to Kazakhstan in 2022 amounted to $52.5 million (+54 percent) and from Latvia to $2.6 million (-43 percent).