The Latvian Chamber of Commerce and Industry (LCCI) assesses the current state of economic cooperation between Latvia and Azerbaijan as stable and steadily developing, with significant potential for further growth, LCCI Director of the European Union (EU) Projects Department, Līga Sičeva, said in an interview with Trend.

According to her, existing trade flows, business contacts, and institutional dialogue create a solid foundation, while recent practical initiatives, including business missions, business-to-business (B2B) meetings, and knowledge exchange implemented within the LEF Network Azerbaijan project, have contributed to deepening mutual understanding between companies and business support organizations in both countries.

"Looking ahead, the overall cooperation potential is substantial, especially in sectors such as logistics, food and agricultural products, information and communication technologies (ICT), education, and green solutions. The Chamber sees its role in facilitating practical, demand-driven partnerships by establishing business contacts, exchanging market information, and supporting long-term cooperation that delivers real economic benefits for both Latvia and Azerbaijan," she said.

Sičeva emphasized that interest among Latvian companies in cooperating with Azerbaijani partners is practical and growing in nature, particularly in areas where there are clear market opportunities, reliable partners, and long-term prospects.

"Rather than viewing joint ventures as the default model, many companies prefer phased cooperation formats such as distribution agreements, project-based partnerships, or service cooperation. These formats allow both sides to better understand market conditions and business practices.

Based on recent contacts and business feedback, the most promising cooperation formats include logistics and transport services, the food industry and agribusiness, ICT and digital solutions, education and professional services, as well as selected areas of manufacturing where local presence creates added value. LCCI supports this process by encouraging demand-oriented cooperation models and helping companies identify the most suitable formats that balance risks, investments, and long-term sustainability," the department director added.

She noted that for Latvian companies, trust and mutual understanding serve as the starting point for any cooperation: "Business places great importance on building long-term relationships through regular communication and practical interaction before moving to contractual relations and more advanced forms of partnership. It is also important to note that Latvian companies are generally more focused on trade and cooperation than on large-scale direct investments, which makes a partnership-based, phased cooperation model particularly suitable for engagement with Azerbaijani partners."

According to Sičeva, shaping a positive country image also plays an important role in strengthening economic cooperation on both sides.

"A strong and accurate understanding of each country’s business environment, core values, and economic strengths fosters greater trust between companies and supports more informed, balanced decision-making. Equally important is recognizing differences in business culture, such as communication styles, decision-making approaches, and expectations, which is essential for building lasting trust and ensuring sustainable, long-term cooperation," she said.