BAKU, Azerbaijan, April 14. Azerbaijan’s Economy Minister Mikayil Jabbarov met with Latvia’s Minister of Agriculture and Co-Chair of the Intergovernmental Commission on Economic, Scientific-Technical and Cultural Cooperation between Azerbaijan and Latvia, Armands Krauze, to discuss expanding bilateral ties, the Ministry of Economy told Trend.
According to the ministry, the meeting highlighted the country’s commitment to strengthening relations with Latvia, noting that the Joint Declaration on the Establishment of Strategic Partnership signed in 2017 provides a solid foundation for deepening cooperation. It was emphasized that economic and trade relations between the two countries are developing, as reflected in the growth of mutual trade turnover last year and in the early months of this year, while also pointing to further untapped potential.
The Azerbaijani side provided information on the favorable investment climate in the country and underlined broad prospects for cooperation in areas such as joint ventures, transit transportation, tourism, and other sectors.
Both sides assessed opportunities to expand joint activities in trade, energy, investment, transport, and agriculture.
According to data from the Central Bank of Azerbaijan (CBA), Latvia’s direct investments in Azerbaijan amounted to $6.94 million US in 2025, which is $17.5 million, or 3.5 times lower compared to 2024. During the reporting period, Latvian investments accounted for 0.1% of total foreign direct investment in Azerbaijan.
12:07
Prospects for the development of economic relations were discussed between Azerbaijan and Latvia, the Azerbaijani Minister of Economy Mikayil Jabbarov wrote on his X page, Trend reports.
"During the meeting with Armands Krauze, Minister of Agriculture of Latvia and Co-Chairman of the Azerbaijan–Latvia Intergovernmental Commission, we underscored the prospects for economic relations between our countries.
We also explored opportunities to expand joint activities in trade, energy, investment, transport, and agriculture," he noted.
According to the Central Bank of Azerbaijan, in 2025, the volume of Latvian direct investments in Azerbaijan amounted to $6.9 million, reflecting a decrease of $17.5 million, or 3.5 times, compared to 2024. In the reporting year, Latvia's investments accounted for 0.1% in the total volume of foreign direct investments in Azerbaijan.
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