BAKU, Azerbaijan, November 3. Latvia is keen on sharing its expertise in green and sustainable development, with a focus on modernizing waste processing, wastewater and drinking water treatment, and the implementation of eco-friendly and energy-efficient technologies, a source at the Ministry of Economics of Latvia told Trend.
“The potential for collaboration between Uzbekistan and Latvia is promising, with particular emphasis on green technology, forestry, information and communication technology (ICT), and pharmaceutical sectors,” the source noted.
The ministry representative stressed that both sides are eager to foster mutually beneficial partnerships in these sectors.
Further speaking, the official said that collaboration in the ICT sector is well-received, with both Uzbek and Latvian entrepreneurs actively supporting the countries’ development in this field.
“Furthermore, Latvian governmental institutions are ready to engage in capacity-building projects with Uzbekistan, showcasing their solutions in ICT sector,” the source added.
The official also mentioned that pharmaceuticals offer another avenue for enhanced cooperation with Uzbekistan.
“The volume of exported medicinal products witnesses substantial growth each year. Prominent Latvian pharmaceutical companies like Grindeks JSC and Olainfarm JSC have already established their presence in Uzbekistan through representative offices, solidifying the potential for continued success in this sector,” the ministry representative said.
The official also pointed out that bilateral economic ties between Latvia and Uzbekistan have a long history of prosperity.
“Uzbekistan holds a significant position as one of Latvia's vital trading partners in the Central Asian region, maintaining stable trade relations over the years. Encouragingly, in 2023, there is a positive trajectory with both exports and imports on the rise,” he said.
Earlier this year, Latvia has expressed its readiness to boost investments in Uzbekistan through the implementation of an additional project, the construction of a phosphorite processing plant,
As was noted, preliminary estimates indicate that the construction of the plant is valued at $12 million, all of which will come from direct foreign investments.