MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

The 6^th session of Georgia-Austria Joint Intergovernmental Commission on Economic Cooperation was held in Vienna, Austria. Genadi Arveladze, Deputy Minister of Economy and Sustainable Development of Georgia and Florian Frauscher, Director general for Economic Affairs, Innovation and International Policy of the Austrian Federal Ministry for Digital and Economic Affairs co-chaired the meeting. The session of the Intergovernmental Commission was held in parallel with the official visit of the President of Georgia to Austria.

Austrian side presented proposals from various Austrian companies interested in certain sectors of the Georgian economy, including energy, education, agriculture and transport.

It was highlighted at the session that in 8 months of 2021, exports from Georgia to Austria was increased by 5%, but it was also stressed that despite the positive dynamics, the potential is much greater. It was also noted that there is an opportunity to place more products produced in Georgia on the market of Austria and the EU in general, which is provided by the Deep and Comprehensive Free Trade Agreement (DCFTA) with the EU. As it was mentioned at the session, the potential for more Georgian exporters to benefit from the DCFTA is very high.

The Commission also discussed the issue of deepening cooperation in other sectors of the economy. Georgian side proposed to increase the quota for land transport permits. It was noted that in 2021 the volume of land transportation from Georgia to Austria has been increased by 10,5%. The session also focused on the use of the corridor from Austria to Georgia for the transit of rail cargo and the creation of a joint group for this purpose.

Following the session, Genadi Arveladze and Florian Frauscher signed the protocol of the Commission. It reflected the prospects for further deepening of the cooperation between the two countries in such areas as trade and investment, digitalization, communications and innovation, transport, energy, tourism, agriculture and the environment, European integration, etc.

“Increasing the share of Georgian exports in the EU market is one of our top priorities since the Deep and Comprehensive Free Trade Agreement (DCFTA) between Georgia and the EU provides substantial facilitation in this regard. It is welcoming that despite the pandemic, exports of Georgian products to the Austrian market has been increased by 5% in 2021, but the potential is much greater. Georgia and Austria have great potential for both trade and investment, and we must do everything we get greater benefits of these opportunities,” – Genadi Arveladze, Deputy Minister of Economy and Sustainable Development stated after the session.
Representatives of the Ministries of Foreign Affairs, of Economy and Sustainable Development and of Environment and Agriculture, as well as other state agencies and the Partnership Fund participated in the session.