“Mutual investments, although in small volumes, have recently appeared in Latvia and Azerbaijan,” he said. “The process is underway. The governments of both countries are interested in its development.”

Baumanis said that of course, the development of economic ties will be the priority of the two governments’ cooperation in 2015.

"The two countries have a stable trade turnover at about $ 30 million per year (for the last three years),” he said. “This trade turnover volume is not very high compared to that among Azerbaijan and other countries of Central and Eastern Europe. This is explained by the large distance between the two countries. It is not beneficial to transport all goods through a long distance. The cost price increases because of the cost of transportation."

He said the governments consider it appropriate to increase the growth of trade turnover at the expense of the goods in the areas of IT, communication, software and goods in the sector of services, namely, design, construction and architecture.

The diplomat said that the constant exchange of visits and experience of private entrepreneurs from various fields, examining the promising areas for cooperation, will make an important contribution to the development of bilateral cooperation in the economic sphere.

"We must pay more attention to the establishment of joint ventures at this level of economic cooperation,” he said. “It is necessary to examine the joint ventures to be created in Azerbaijan with the Azerbaijani capital and European know-how. Thus, we can raise the level of joint investments."

Baumanis said that Azerbaijani entrepreneurs can invest in the developed areas of the Latvian economy, namely, agriculture, tourism, IT, construction, architecture.

“Latvia exports more to Azerbaijan than it imports,” he said. “The ratio is about one to ten. Such products from Azerbaijan as fruits, various juices and others are well-known in Latvia.”

“Tourism is one of the most promising areas of cooperation between the two countries,” the diplomat said. “A growing flow of Azerbaijani tourists to Latvia has been observed for the last few years. The Baku-Riga seasonal direct flight is made in summer. The issue of initiating a regular flight is within the airlines’ competence. If they consider that initiating of such a flight can be profitable, it can be opened.”

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