Latvia is invited to rebuild Karabakh

In a recent diplomatic engagement, Latvia and Azerbaijan have embarked on discussions to bolster their economic ties, particularly focusing on collaboration in the liberated territories of Azerbaijan. Deputy Minister of Economy Sahib Mammadov and Deputy Minister of Agriculture of Latvia, Normunds Schmits, convened  in Baku to deliberate on various avenues of cooperation ranging from alternative energy projects to agricultural advancements.

The meeting underscored the burgeoning potential for joint ventures in sectors beyond the traditional oil and gas domain. Discussions pivoted around the export of non-oil products from Azerbaijan to Latvia, signaling a diversification strategy in both nations’ economic agendas. Among the topics explored were endeavors in agriculture, food safety measures, and infrastructural development in the newly liberated territories.

Foremost among the deliberations were initiatives aimed at rejuvenating regions liberated from occupation, underscoring a commitment to their restoration and reconstruction. Plans to engage in industrial projects within free economic zones such as “Alat” were also on the agenda, indicative of a broader scope of collaboration transcending conventional trade parameters.

The statistical backdrop of the meeting provides insights into the current state of economic affairs between the two nations. According to data released by the State Customs Committee, the trade turnover between Azerbaijan and Latvia stood at 64.945 million manats in the preceding year. Notably, Azerbaijan’s exports to Latvia accounted for 45.181 million manats, with imports totaling 19.764 million manats.

Of particular significance is the export of non-oil and gas products from Azerbaijan to Latvia, which amounted to 38.9 million manats. This figure, representing 1.16% of Azerbaijan’s total non-oil and gas exports, underscores the nascent yet promising trajectory of trade diversification efforts between the two nations.

Against the backdrop of geopolitical shifts and economic imperatives, the diplomatic dialogue between Latvia and Azerbaijan assumes heightened importance. As both nations navigate the complexities of a post-liberation landscape, forging robust economic partnerships emerges as a cornerstone for sustainable development and regional stability.