BAKU, Azerbaijan, May 5
By Klavdiya Romakayeva - Trend:
The trade turnover between Latvia and Uzbekistan in 2020 decreased by 20.8 percent compared to 2019, the Ministry of Economics of Latvia told Trend.
According to the ministry, the dialogue between the countries has been steadily evolving in recent years, and high-level visits are regularly exchanged. However, due to the COVID-19 pandemic, many of the planned high-level visits or events were postponed.
The ministry said that trade and economic cooperation between Uzbekistan and Latvia has dropped in recent years, which was also partly because of the coronavirus and its impact on logistics and supply chains.
"Uzbekistan is currently Latvia's 37th largest trading partner, being the 31st in terms of export and the 46th in terms of import," the ministry said.
Following the data compiled by the Central Statistical Bureau of Latvia, the trade turnover between Latvia and Uzbekistan in 2020 decreased by 20.8 percent compared to the same period last year. It is noted that both exports and imports have declined, and total trade in 2020 amounted to 89 million euro.
Also, according to the data of Bank of Latvia, cumulative FDI (foreign direct investment) from Uzbekistan in Latvia remained stable at 32 million euro at the end of 2020. Cumulative FDI of five million euro from Latvia has been registered in Uzbekistan.
In addition, referring to Lursoft (database of all registered companies in Latvia), there were slightly more than 200 companies of shared Latvian-Uzbek ownership registered with the Register of Enterprises of Latvia in April 2021.
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