Baku: An Azerbaijan-Latvia business forum was held on April 22 with the participation of President of the Republic of Azerbaijan Ilham Aliyev and President of the Republic of Latvia Edgars Rinkevics, APA reports. The heads of state addressed the event.
According to Azeri-Press News Agency, President Ilham Aliyev opened the forum by emphasizing the importance of economic partnership and diversification of Azerbaijan's economy. He highlighted the country's transition from dependency on oil and gas to a diversified economy, noting significant growth in the non-oil sector. President Aliyev also outlined Azerbaijan's strategic plans for reducing foreign debt and enhancing financial stability, which includes borrowing from leading international institutions only for technologically demanding projects.
The forum also served as a platform to discuss reconstruction efforts in the liberated territories of Garabagh and East Zangezur, where significant investments are planned. President Aliyev underscored the investment-friendly business climate, marked by over $350 billion in investments over the past two decades, with nearly half from foreign sources.
President Edgars Rinkevics of Latvia addressed the forum, expressing eagerness to deepen trade relations with Azerbaijan. He recounted the historical ties between the two nations, emphasizing the long-standing economic and cultural connections. President Rinkevics highlighted Latvia's readiness to cooperate in various sectors, including the defense industry, where there is potential for joint manufacturing and synergy between the countries.
Both presidents discussed potential areas of collaboration, including agriculture, tourism, and connectivity. President Aliyev noted Azerbaijan's role as an international transportation hub, while President Rinkevics presented Latvia as a gateway to Northern and Central Europe.
The forum concluded with President Rinkevics extending an invitation to President Aliyev for an official visit to Latvia, aiming to continue the discussions and solidify the economic ties between the two nations. The leaders expressed optimism for tangible outcomes and further cooperation in the coming year.