Central Baltic – Azerbaijan Business Week Baku: a productive week with results — Memorandums of Cooperation, new contracts, and more

LEF Network Azerbaijan project team

Baku, 21–25 October 2025. The week in Baku unfolded in a true business rhythm: focused B2B sessions for companies, individual visits to potential cooperation partners, and the highlight event — the “Central Baltic – Azerbaijan Business Forum & Gala Event” on 21 October. The trade mission was organised within the LEF Network Azerbaijan project in cooperation with the Caspian Energy Club (Azerbaijan), bringing together entrepreneurs and institutions from Azerbaijan, Latvia, Estonia, and Finland. Prior to the forum, several B2B sessions took place, while 21 October featured the official opening, panel discussions, and a gala evening with a musical programme.

The visit began with a festive lunch in the heart of Baku’s Old Town, gathering around 40 companies from Latvia, Estonia, and Finland. The lunch was attended by the Ambassadors of Latvia, Finland, and Estonia, as well as representatives of partner organisations from all participating countries. A key event on the first day was the participation in “Women’s Economic Empowerment: Experiences from Azerbaijan and the Nordic–Baltic Countries”, organised by the Nordic–Baltic embassies in cooperation with the Kitabistan Research Center. The discussion featured Katrīna Zariņa, Chair of the Board of the Latvian Chamber of Commerce and Industry (LCCI), together with Leyla Seidzade and Ari Perälä (Finland), and was moderated by Malaka Hadzhieva.

The mission reached its climax on the second day, starting with B2B sessions between Azerbaijani and Central Baltic companies. On average, each company participated in around six meetings, shaping future strategies for international trade among the four countries. In total, about 150 B2B meetings were held.

To conclude the LEF Network Azerbaijan project, the Baku Forum on 21 October served as the project’s grand finale. The event was opened by Marijana Kujundžić, Ambassador of the EU Delegation to Azerbaijan; Edgars Skuja, Ambassador of Latvia to Azerbaijan; Kirsti Narinen, Finland’s Ambassador to the South Caucasus; and Väino Reinart, Ambassador of Estonia to Azerbaijan. Such a broad representation of ambassadors is rare at business forums in Azerbaijan and highlights the shared commitment of all participating countries to cooperation.

A panel discussion titled “The Future of Central Baltic – Azerbaijan Cooperation” explored both the current dynamics and future opportunities of collaboration.

During the closing part of the discussion, the project’s results were presented — 10 companies have signed export contracts with Azerbaijan, including six from Latvia. The project’s practical activities will continue until the end of this year, and several additional agreements were signed during the visit.

The forum also hosted the signing of nine strategic Memorandums of Understanding (MoU), primarily between the Caspian Energy Club and its Central Baltic partners — LCCI (Latvia), ETCC (Estonia), and Satakunta University of Applied Sciences (SAMK, Finland) — laying the foundations for long-term institutional cooperation.

In addition, LCCI, ETCC, and SAMK signed cooperation memorandums with the Azerbaijan Employers’ Confederation (ASK) and the Nordic Business Community Azerbaijan.

The Gala Evening became an informal networking platform — a place where discussion partners turned into allies. The programme included success story videos, appreciation speeches, and cultural performances representing each country: Agnese Rakovska, Primavera String Quartet, and the Nargiz national dance group showcased music and dance from Latvia, Finland, Estonia, and Azerbaijan.

These cultural elements created an energetic atmosphere for future cooperation, while the informal part of the evening helped to strengthen agreements made earlier at the round tables.

The gala not only celebrated the forum’s achievements — the signed MoUs and new contracts — but also symbolically marked the shared vision for continued cooperation between Central Baltic and Azerbaijani partners.

Further steps for practical collaboration were outlined during the following days of the trade mission, with B2B meetings organised by ASK and networking activities during the Nordic Business Community Azerbaijan general assembly.

The Nordic Business Community Azerbaijan is a business club established by Nordic countries, uniting companies from Finland, Sweden, Norway, and Denmark operating in Azerbaijan.

As a result of the project, Latvia and Estonia have also joined the club, giving their companies new opportunities to cooperate with existing Nordic businesses in Azerbaijan.

During the visit, companies also visited the EU Delegation and the Embassy of Latvia in Azerbaijan, and — most importantly — continued individual business meetings and market research.

Some facts about this 3-year project:

• 120 companies from the Central Baltic region have joined trade missions to Azerbaijan
• 3 Central Baltic – Azerbaijan Business Forums organised in Baku, Azerbaijan
• 6 trade missions from the Central Baltic region to Azerbaijan
• Over 500 B2B meetings held between Central Baltic and Azerbaijani companies
• 15 companies (6 from Latvia) have signed export contracts with Azerbaijani companies
• 3 Central Baltic – Azerbaijan Business Forums organised in Riga (Latvia), Pori (Finland), and Tallinn (Estonia – planned for 25 November 2025)
• 3 incoming trade missions from Azerbaijan to the Central Baltic region, involving about 30 Azerbaijani companies
• In parallel: 6 webinars, market studies, consultations, training sessions, and more were organised

Overall, the final mission of the LEF Network Azerbaijan project enhanced the visibility of Latvia, Estonia, and Finland in Azerbaijan and contributed to the real, practical development of exports to the Azerbaijani market.

The LEF Network Azerbaijan is a 3-year project (2023–2025) co-funded by the Interreg Central Baltic Programme.

It is led by the Latvian Chamber of Commerce and Industry (LCCI) in cooperation with Satakunta University of Applied Sciences (SAMK, Finland) and the Estonian Chamber of Commerce and Industry (ECCI).

The main partner in Azerbaijan is the Caspian Energy Club.