MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili held a meeting with the Minister of State of the United Arab Emirates, Ahmed Ali Al Sayegh.

Deputy Ministers of Economy, Genadi Arveladze and Irakli Nadareishvili, as well as Georgian Ambassador to the United Arab Emirates, Paata Kalandadze also attended the meeting.

Issues related to the economic cooperation between the two countries were discussed at the meeting. Successful partnership in bilateral trade was particularly highlighted. In the first 7 months of 2022, trade turnover has been increased by 82% compared to the same period of the previous year, while the exports has been increased by 34%. It was said that the potential for trade between the countries is great and after the implementation of the Free Trade Agreement, the rate of trade turnover will increase significantly.

The parties also talked about cooperation in the field of investments. As of today, 190 companies with capital participation from the United Arab Emirates are registered in Georgia. It was noted that Georgia still welcomes investments from the Emirates in other sectors of the economy as well.

Cooperation in the fields of tourism and civil aviation, as well as information technology, communication, maritime transport, energy and innovation was also covered during the meeting.

It was noted that together with the government delegation of the United Arab Emirates, about 40 heads of large companies and investment funds, who are interested in making investments in various sectors of the Georgian economy, have visited Georgia.

Following the meeting, a Memorandum of Understanding on the creation of a joint business council of Georgia and the United Arab Emirates was signed between the Chamber of Commerce and Industry of Georgia, the Enterprise Georgia Agency of the Ministry and the Federation of Chambers of Commerce and Industry of the United Arab Emirates.