BAKU, Azerbaijan, March 25. Latvia regards
Azerbaijan as a key partner in the South Caucasus, highlighting the
steady expansion of bilateral trade and strong potential to deepen
cooperation across logistics, investment, and green technologies,
Raivis Bremšmits, State Secretary of the Latvian Ministry of
Economics, said in an interview with Trend.
“Azerbaijan is one of Latvia’s most important partners in the
South Caucasus. While economic cooperation is developing at a
gradual pace, it remains stable and shows positive long-term
potential.
From a trade perspective, Azerbaijan ranked 59th among Latvia’s
foreign trade partners in 2024, with total trade turnover reaching
EUR 47 million, representing an increase of 10.2%. In the first
half of 2025, trade turnover amounted to EUR 28 million, marking a
significant growth of 43% compared to the same period of the
previous year.
In terms of exports, Azerbaijan ranked 55th in 2024, with
Latvian exports totaling 37 million euros, an annual increase of
17.2%. Export volumes continued to grow dynamically in the first
half of 2025, reaching 21 million euros, or 43% growth,” he
said.
According to him, imports from Azerbaijan ranked 67th in 2024,
amounting to 10 million euros (decreased by 9.2%), while in the
first half of 2025, imports reached 7 million euros, also
reflecting a 43% increase compared to the same period of the
previous year.
“In terms of incoming investments, Azerbaijan ranked 40th among
foreign investors in Latvia in 2024, with investment volumes of EUR
15 million. In the first half of 2025, incoming investments
increased to EUR 16 million, reflecting 7% growth.
Azerbaijan is actively modernizing its economy, with a strong
focus on attracting foreign investment in areas such as energy,
agriculture, logistics, and digitalization. These developments
create tangible opportunities to expand bilateral trade and promote
mutual investments, strengthen business contacts, and enhance
cooperation between trade and investment promotion organizations,”
the state secretary noted.
Bremšmits emphasized that Latvia sees potential for cooperation
across several broad economic areas, including transport and
logistics and agriculture and food production, as well as
education, research, and innovation.
“These sectors offer opportunities for business cooperation,
knowledge exchange, and the development of mutually beneficial
projects, subject to market conditions and commercial interest.
Azerbaijan is actively modernizing its economy, attracting
foreign investment in energy, agriculture, logistics, and
digitalization. These sectors are closely aligned with Latvia’s
Research and Innovation Strategy’s (RIS3) priority areas, creating
favorable conditions for cooperation.
This in turn opens opportunities for Latvian businesses to
expand their presence in the region, develop new export directions,
and participate in the country’s modernization projects.
Any deeper investment cooperation would naturally depend on
market conditions, commercial interest, and the overall business
environment. Continued dialogue between business communities and
relevant institutions can help identify areas where cooperation may
develop organically over time,” he added.
Bremšmits pointed out that in this wider picture, collaboration
can come in various shapes and sizes, such as joint ventures or
initiatives tied to industrial and tech-focused settings, where
there’s a definite commercial stake at play.
“There are prospects for cooperation in the field of green
technologies. Azerbaijan’s ongoing economic modernization and its
focus on sustainability create favorable conditions for dialogue
and cooperation in areas such as waste management, water resource
management, and the bioeconomy.
From Latvia’s perspective, any cooperation in these fields would
depend on market conditions, commercial interest, and the overall
business environment. Latvia sees value in sharing experience and
exploring practical formats for cooperation in areas where mutual
interests converge, including circular-economy solutions and the
further development of the bioeconomy, in line with each country’s
priorities and long-term needs,” the official added.
The Secretary of State also pointed out that Latvia is on the
ball with a steady, sustainable development policy and is pulling
its weight in driving climate action, innovation, and the adoption
of cutting-edge technologies that pave the way for a green
transition.
“This provides a solid basis for structured exchanges with
partner countries that are implementing economic modernization
measures. Accordingly, Latvia sees good potential for cooperation
and knowledge-sharing with Azerbaijan in areas such as energy
efficiency, renewable energy solutions, and the development of
sustainable industry,” Bremšmits concluded.
