Kazakhstan, Latvia to Strengthen Economic Cooperation

ASTANA – Kazakh Deputy Foreign Minister Roman Vassilenko paid a working visit to Latvia on May 16, where he met with Latvian officials to discuss key areas of cooperation, reported the ministry’s press service.

Uldis Augulis and Roman Vassilenko. Photo credit: Foreign Ministry

Vassilenko and Latvian Minister for Welfare Uldis Augulis co-chaired the ninth meeting of the Kazakhstan-Latvia Intergovernmental Commission on Economic, Scientific and Technical Cooperation, which focused on expanding mutual trade and implementing joint investment projects in transport and logistics, the agro-industrial complex, digitalization, education, and tourism.

The parties expressed satisfaction with the robust growth in bilateral trade turnover between Kazakhstan and Latvia, which reached $356.4 million in 2023, a 63% increase compared to the previous year. In January-March, the mutual trade totaled $98.5 million, reflecting a 27% increase over the same period last year.

The sides also discussed the impact of the sanctions policy on Kazakhstan’s economy.

During the meeting, Vassilenko shared the results of the country’s social and economic development and preferences for foreign investors, encouraging Latvian companies to participate in investment projects in Kazakhstan.

Following the meeting, both sides emphasized the Intergovernmental Commission’s key role as a crucial tool for expanding business cooperation and signed the final protocol of the event.

The day before, Vassilenko participated in a meeting between Kazakh Minister of Transport Marat Karabayev and Latvian Minister of Transport Kaspars Briškens. The sides focused on the advancement of Kazakh-Latvian relations, including enhancing trade and economic interactions, business cooperation and implementing promising projects in transport and logistics.

During the visit, Vassilenko also met with the State Secretary of the Latvian Ministry of Foreign Affairs Andris Pelšs, the Head of the Interparliamentary Cooperation Group Linda Liepiņa and the Director of the Latvian Institute of International Affairs (LIIA) Karlis Bukovskis. 

Today, nearly 145 Latvian enterprises operate in Kazakhstan, and approximately 100 Kazakh companies are registered in Latvia engaged in the logistics, trade, and financial consulting sectors.

From 2005 to 2023, the gross inflow of direct investments from Latvia to Kazakhstan reached $276.4 million.

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