Latvia and Azerbaijan conclude cooperation agreement to promote export and investment

RIGA - During President Egils Levits' visit to Azerbaijan, the Latvian Investment and Development Agency (LIAA) and Azerbaijan's Export and Investment Promotion Agency have signed a memorandum on long-time cooperation in promoting export and investment, LIAA director Kaspars Rozkalns informed LETA. 

The head of the agency indicated that as the geopolitical situation is changing, it is essential for Latvia to look for new markets and strengthen bilateral economic relations with the countries where Latvian entrepreneurs see a potential for development, and Azerbaijan is one of such countries. 

According to Rozkalns, the main cooperation areas outlined in the memorandum are bio-economy, digitalization and biomedicine, with a special emphasis on pharmaceutics. The LIAA director noted that these are sector in which Azerbaijan is ready to take over Latvia's experience. 

"Latvia is achieved a good level in the overall digitalization of public administration. This is a path Azerbaijan wants to take as well. Latvia's IT companies have accumulated significant experience in this field and they are ready to offer their solutions," said Rozkalns. 

The LIAA director also pointed out cooperation perspectives in the areas like startups as well as transport and logistics, noting that rail freight from Turkey might be shipped through Baku to Europe. In the segment of air transport, there is a plan to develop cooperation with Riga Airport, which in recent years has significantly increased cargo turnover.