Foreign Minister Riekstins and Azerbaijani Minister of Economic Development acknowledge potential for further economic co-operation

On 16 July, Foreign Minister Maris Riekstins met with Azerbaijani Minister of Economic Development Heydar Babayev, who is on a visit to Latvia in his capacity as Co-Chairman of the Latvia-Azerbaijan Inter-governmental Commission for Economic, Technical and Cultural Matters, and also head of the Azerbaijan delegation.

At the meeting both sides noted with satisfaction the development of economic co-operation, and reflected on the potential for further advancement in this sphere. Areas in which successful co-operation has already taken place, such as the IT, tourism, food and finance sectors were highlighted, in particular the latter, where the Latvian banks Parex banka and a/s Aizkraukles banka are already active and planning further expansion in Azerbaijan.

During the course of the talks the ministers discussed energy issues. The Azerbaijani minister briefed his host on the situation in the Caucasus region with regard to the mining and transit of gas and oil. Minister Riekstins spoke about the state of affairs in Latvia and the Baltic region in general, referring to areas of co-operation on regional energy projects which were of interest to Latvia.

The ministers also discussed Azerbaijan and EU relations and their future prospects, in the context of which Minister Babayev elaborated further about EU activities in the Caucasus region.

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