MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili participated in the opening ceremony of the Egypt-Georgia Business Forum in the city of Cairo, the Arab Republic of Egypt.

In his welcoming speech, Vice Prime Minister focused on Georgia’s economic trends and highlighted that the country has shown double-digit economic growth in 2021-22, and according to the forecast of the International Monetary Fund, Georgia will have higher economic growth in the region in 2023-2027. Levan Davitashvili also spoke about the successes in various sectors of the economy, as well as the infrastructure projects of regional importance, including the strategic importance of the Anaklia Deep Sea Port and the Black Sea Energy Cable projects.

Vice Prime Minister expressed hope that the Georgia-Egypt business forum will become an example of successful cooperation between the two countries and the additional platform for further deepening of economic and business ties. According to Levan Davitashvili, the inflow of capital from Egypt exceeds 96 million USD, which was implemented in such sectors as construction, transport, real estate, etc. Davitashvili also noted that investments are made from Egypt in the free industrial zones of Kutaisi and Sagarejo. According to Levan Davitashvili, the Government of Georgia promotes the attraction of direct foreign investments in the country and, in addition to favourable business environment and low tax burden, offers additional benefits to companies in free industrial zones.

Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba and other Egyptian officials also delivered reports at the business forum.

During the business forum, a Memorandum of Understanding was signed between the General Authority for Investment and Free Zones (GAFI) of the Arab Republic of Egypt and the Enterprise Georgia Agency of the Ministry of Economy and Sustainable Development of Georgia. The Memorandum aims at encouraging cooperation between the parties in terms of investment and development of bilateral economic relations. In addition, it will contribute to the sharing of experience and the exchange of information about the business climate.

Deputy Minister of Economy and Sustainable Development Genadi Arveladze, Deputy Minister of Foreign Affairs Aleksandre Khvtisiashvili, Director of the Enterprise Georgia Agency Mikheil Khidureli, representatives of Georgian Business Association – Soso Pkhakadze, Levan Vepkhvadze, Akaki Saghirashvili and the Ambassador Extraordinary and Plenipotentiary of Georgia in the Arab Republic of Egypt, Mikheil Tigishvili also participated in the Cairo Business Forum.