How did the global financial crisis affect the bilateral relations between Azerbaijan and Latvia, including the trade turnover between our countries?
The situation in the global economy forces both – governments and entrepreneurs – to rethink their strategies and look for new business ideas, partners and markets. Latvian government, especially in this financial situation, puts great emphasis on encouraging new business contacts, on supporting open trade and facilitating the administrative procedures for new investment projects and entrepreneurial activities. The unused potential of economic co-operation between our countries has encouraged Latvian entrepreneurs to search for new opportunities in Azerbaijan. If we compare the bilateral trade turnover beginning of 2008 and 2009, the growth has been significant and it would be improper to apply the word “crisis” in describing our business relations. Latvia’s export to Azerbaijan has doubled reaching 15.5 million USD and import from Azerbaijan increased by 30 % reaching 2.6 million USD. The main export groups are metals and metal articles, agricultural and food products and products of
