MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

First Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili held a meeting with the Minister of Economic Development of Hungary, Márton Nagy. The meeting of the heads of the economic agencies of the two countries was held within the framework of the official visit of the Hungarian government delegation to Georgia. Levan Davitashvili thanked his Hungarian colleague for his visit to Georgia and for supporting our country in general.

The trade and economic relations of Georgia and Hungary, the prospects of their further development and the work to be carried out in this regard were the main topics of the conversation between the ministers of economy of the two countries. Levan Davitashvili informed his Hungarian colleague about the growth dynamics of the Georgian economy and the investment environment. As it was mentioned from both sides, the countries still have a lot of resources and potential for partnership in different sectoral directions, and it is important that these opportunities are fully realized.

The conversation covered the activities of the Intergovernmental Commission for Economic Cooperation between Georgia and the Republic of Hungary, the fifth session of which was held in Budapest in 2022. The next session of the Commission will be held in Tbilisi, and within its framework, they will discuss the prospects of deepening cooperation in the following areas: trade and investments, tourism, agriculture, environmental protection and energy, transport, communications and innovations, education and science, culture, Georgia-EU relations and others. In addition, the First Vice Prime Minister of Georgia emphasized that the agreement between the countries on the promotion and mutual protection of investments, which was signed in 2024, will play an important role in realizing the investment potential of the two countries.

"There is a significant potential for deepening the trade and economic partnership between Georgia and Hungary in many directions. We will actively work in this regard, including within the framework of the Intergovernmental Commission. I would like to point out that our economic ties are intensifying – according to the data of 9 months of this year, the trade turnover was increased by 20% compared to the same period of the previous year and amounted to 64 million USD. We have the same picture in different directions, including in the tourism sector. Our task is to raise these ties to an even higher level and indicators, for which we will actively cooperate," – Levan Davitashvili commented.

The progress achieved regarding the Black Sea Submarine Cable project was another issue discussed by the heads of economic agencies of Georgia and Hungary. As mentioned, this is the most important infrastructural project, including in  terms of the European energy system security, since it is to connect the electric energy systems of Georgia and Europe. The parties agreed that the existing close cooperation in the direction of its realization would further continue.