Latvia hopes to boost trade, investment and cultural relations with Korea, said the country's top envoy to Korea on Friday, as Latvia marks its 105th anniversary of independence.

Latvian Ambassador to Seoul Aris Vigants said there was potential for increased cooperation on many fronts, with trade volume between Korea and Latvia reaching 128.3 million euros ($140 million) last year. Latvian exports to the country amounted to 72.7 million euros and imports were worth 55.5 million euros in 2022.

"We have enormous potential in boosting our relations in economics, trade and investments," said Vigants, underscoring Latvia and Korea’s shared values, commitment to democracy, freedom, the rule of law, respect for human rights and a rules-based international order.

Latvia and Korea established diplomatic relations on Oct. 22, 1991. The country, as an EU and NATO member state, actively collaborates with other member states on common foreign and security policy goals, such as the Indo-Pacific Strategy, and benefits from the free trade agreement between the EU and South Korea.

Korea aspires to serve as a global pivotal state and establish a new chapter of mutually beneficial cooperation with Latvia. Both countries are members of the Organization for Economic Cooperation and Development and share ambitious goals.