Maris Riekstins: Co-operation between Latvian and Azerbaijani businessmen

On 17 April, in concluding his official visit to Azerbaijan, Foreign Minister Maris Riekstins opened the Latvia – Azerbaijan Business Forum at Baku. The Business Forum was organised by the Embassy of Latvia in association with the Azerbaijan Ministry of Economic Development, Azerbaijani Export and Investment Promotion Foundation (AZpromo), and the Caspian-European Integration Business Club. The Azerbaijani participants at the forum had representation from some 50 local companies in various spheres of activity.

"In these times of global financial crisis, it is the obligation of both government and private business to search for new projects and opportunities for economic co-operation. The active provision of support to business enterprises is among the chief priorities of diplomats in such situations, so that together it may be possible to create a positive environment for new business contacts and investments", stated Minister Riekstins during his opening address at the forum. 

The Foreign Minister emphasised that the extent of trade between Latvia and Azerbaijan has noticeably increased, and pointed to the fact that in 2008 imports from Azerbaijan had increased by 30% and that exports to Azerbaijan had doubled. At the Business Forum, Minister Riekstins noted also that the direct flights now available between Riga and Baku served an important function in the strengthening of connections. The Minister invited Azerbaijani businessmen to visit Riga in future as well as to take advantage of the Riga airport as a transit point for flights to other destinations within the region and further in Europe.

In his address to the representatives of both states, Minister Riekstins emphasised Latvia's support for Azerbaijan in its closer co-operation with the European Union, including within the framework of the EU Eastern Partnership Initiative. "The Latvia - Azerbaijan relationship is based on mutual respect and on principles of an equal partnership both at the bilateral level and in a broader perspective", noted the Foreign Minister.

Mutual and reciprocal business contacts, a broadening of the Latvian export market and the development of co-operation between Latvian and Azerbaijani businessmen were the main themes at the 16 April discussions between the Foreign Minister and Latvian business representatives with Azerbaijan's Minister for Economic Development, Shahin Mustafayev, as well as with the representative of the Minister for Transport. During their meeting Maris Riekstins emphasised that present conditions are favourable to economic development between both states. "The relationship between Latvia and Azerbaijan requires a legal framework as well as clear bilateral political support so that the economic partnership may continue on successfully", stated Minister Riekstins.

In meeting with the Minister for Economic Development, representatives of Latvia's business enterprises a/s Rigas Piena Kombinats and SIA Laci presented their Azerbaijani partners with concrete proposals on the export of a wide assortment of Latvia's products to Azerbaijan. The SIA Turiba offered opportunities for co-operation in the field of tourism between Latvia and Azerbaijan, as well as especially in the area of specialist expert education in tourism. At the same time, the ongoing successful co-operation in the area of information technology was noted with regard to the Latvian SIA EURO DATA company.

Representatives of the Azerbaijan Ministry of Transport expressed an interest to learn more of the Latvian business experience with regard to established technologies in suburban transport system organisation and other recent developments in the transport sector. During this meeting, management from the Latvian company BMS Tehnologija provided an informative response.

Within the framework of the Foreign Minister's visit, mutual discussions took place with representatives of the Latvian finance sector – Parex Bank, Banka Baltikums, and Aizkraukles Banka. The minister was accompanied on this visit by management of the MV Group which offers various security and technical solutions, including in monitoring and surveillance of fires systems.

Within the planned schedule of the visit and at the initiative of their Azerbaijan hosts, the Latvian delegation visited the Sangachal Oil Terminal at which they viewed a presentation on the development of the Azerbaijan gas sector and on the whole process of resource development, of technology and of quantity.

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