Azerbaijan's Nakhchivan Autonomous Republic draws in Latvian investments

Nakhchivan is one of the leading regions of Azerbaijan for economic growth. The region's leadership urges foreign investors, including the Latvian investors, to invest in the region, Seyidov added.

Recently, 70 schools, 67 health facilities and more than 4,000 social facilities have been built in the NAR, Seyidov added.

Despite the difficulties because of long-standing blockade of the region by Armenia which complicates transport communication with rest part of the country, NAR could achieve economic growth, Azerbaijani Deputy Economic Development Minister Niyazi Safarov said.

He said country's economic growth increased 2.5 times and industrial production 2.6 times for the last five years. Azerbaijan established trade relations with 140 countries.

The non-oil sector which is priority of the country increased 4.1 percent and GDP 3.6 percent in January-July of 2009, Safarov added.

The business-forum was held as a part of Latvian President Valdea Zatlers' visit to Azerbaijan.

The Azerbaijan Economic Development Ministry, the Azerbaijani Export & Investment Promotion Foundation (AZPROMO) and Latvian Embassy in Azerbaijan arranged this forum.

The Latvian delegation includes the Latvian government officials and group of Latvian businessman who are willing to discuss prospects of broadening the Latvia-Azerbaijan cooperation with Azerbaijani counterparts. About 100 Azerbaijani and Latvian entrepreneurs participated in the forum.

/Trend Capital/