Kazakhstan and Latvia Enhance Economic Partnership
Kazakh Deputy Foreign Minister Roman Vassilenko recently visited Latvia to discuss key areas of cooperation with Latvian officials. The visit aimed to strengthen economic, scientific, and technical ties between the two countries.
During the visit, Vassilenko and Latvian Minister for Welfare Uldis Augulis co-chaired the ninth meeting of the Kazakhstan-Latvia Intergovernmental Commission. The discussions focused on expanding mutual trade and implementing joint investment projects in various sectors such as transport and logistics, the agro-industrial complex, digitalization, education, and tourism.
Both parties expressed satisfaction with the significant growth in bilateral trade turnover, which reached $356.4 million in 2023, showing a 63% increase compared to the previous year. The mutual trade in January-March of the current year totaled $98.5 million, reflecting a 27% increase over the same period in the previous year.
In addition to economic cooperation, the meeting also touched upon the impact of sanctions policy on Kazakhstan’s economy. Vassilenko highlighted Kazakhstan’s social and economic development results and encouraged Latvian companies to participate in investment projects in Kazakhstan.
The importance of the Intergovernmental Commission as a tool for enhancing business cooperation was emphasized by both sides, leading to the signing of the final protocol of the event. Moreover, Vassilenko participated in a meeting between Kazakh Minister of Transport Marat Karabayev and Latvian Minister of Transport Kaspars Briškens to discuss further advancement of Kazakh-Latvian relations and the implementation of promising projects in transport and logistics.
During the visit, Vassilenko also met with other Latvian officials, including the State Secretary of the Latvian Ministry of Foreign Affairs and the Director of the Latvian Institute of International Affairs. Currently, around 145 Latvian enterprises operate in Kazakhstan, with approximately 100 Kazakh companies registered in Latvia, specifically in logistics, trade, and financial consulting sectors.
The strong economic ties between Kazakhstan and Latvia are further reflected in the gross inflow of direct investments from Latvia to Kazakhstan, reaching $276.4 million from 2005 to 2023. These collaborative efforts aim to strengthen and expand the economic partnership between the two countries for mutual benefit.
