“After the 8th meeting of the Intergovernmental Commission on economic, scientific, technical and cultural cooperation between Latvia and Azerbaijan (IGC) held on May 20, 2022 in Riga, Latvia, both parties expressed common interest in a further expansion of bilateral cooperation in the field of trade and investments, transport, science and education, innovation, agriculture and food safety, environmental protection and climate change, tourism and culture,” the source said.
According to the ministry, also, an agreement was reached during the 8th meeting of the IGC to establish the cooperation between the Small and Medium Business Development Agency of the Republic of Azerbaijan (SMBDA) and the Investment and Development Agency of Latvia (LIAA), as well as between SMBDA and the Development Finance Institution ALTUM to exchange experience in the field of small and medium business support (LIAA) and financing models (ALTUM).
“It will certainly help provide assistance in future to companies and business organizations interested in launching new business initiatives, and encourage companies and business organizations to strengthen their cooperation,” the source noted.
In addition, within the framework of the 8th Session of the IGC, the “Memorandum of Understanding between the Food Safety Agency of the Republic of Azerbaijan and the Food and Veterinary Service of the Republic of Latvia on cooperation in the field of food safety” was signed, which will serve as a good basis for expanding bilateral cooperation, the MFA said.
As the ministry noted, Latvia also sees potential for fruitful cooperation with Azerbaijan in renewable energy sector.
“Ensuring investments in sustainable energy capacities, notably wind- and solar-based generation, are perceived as a strategic priority in cooperation with Azerbaijan. There is a huge potential in the areas of research and development, knowledge transfer and technological exchange, as well as solar installation development”, the source added.
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