OREANDA-NEWS. March 05, 2011. Prime Minister Valdis Dombrovskis met President of the Caspian European Integration Business Club Telman Aliyev and entrepreneurs from Azerbaijan. During the meeting T.Aliyev informed about intentions of the Caspian European Integration Business Club and companies of Azerbaijan to extend their activities in Latvia and in the Baltic Sea region as a whole.

V.Dombrovskis called on the entrepreneurs of Azerbaijan to develop investment projects in cooperation with the Latvian side and informed about the support forms for foreign investment projects in Latvia.

Prime Minister emphasized: “The successful political dialogue between Latvia and Azerbaijan provides good grounds to further extend economic relations”. In August 2009, the President of Latvia and more than 70 entrepreneurs paid a visit to Azerbaijan. On January 16-18, this year President of Azerbaijan, I.Aliyev paid a visit to Latvia and within the framework of the visit a major business forum was held.

Bilateral trade, transit and food industry were mentioned as perspective areas for cooperation. All the most important bilateral agreements encouraging the economic cooperation between Latvia and Azerbaijan have been signed, including the agreements on mutual investment protection and prevention of double taxation.

In 2010, the mutual trade increase amounted to 19% (compared to 2009) when the Latvian goods in the amount of USD 18 million were exported to Azerbaijan. The major Latvian goods exported to Azerbaijan are food products, metal and pharmaceutical products.

The Caspian European Integration Business Club is a regional business organization which brings together more than 500 entrepreneurs from 50 countries operating in the Caspian Sea, the Black Sea and the Baltic Sea region. For more information: http://www.cibcgroup.com/