MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Deputy Minister of Economy and Sustainable Development, Genadi Arveladze, convened with Deputy Minister of Foreign Affairs on economic matters from the Republic of Korea, Kim Hee-sang. This gathering took place during the visit of the Georgian delegation to the Republic of Korea.

The discussions centred around bilateral trade and economic ties, encompassing foreign trade, mutual investment protection, energy, transportation, logistics, maritime transport, initiation of direct air routes, tourism, and other key sectors. Genadi Arveladze positively assessed the decision of the government of the Republic of Korea to open an embassy in Georgia at the end of 2024. According to Arveladze, the establishment of a permanent diplomatic representation will greatly benefit to the partnership relations between Georgia and the Republic of Korea and will contribute to the deepening of future cooperation between the Georgian and Korean peoples.

The progress made during another round of ongoing negotiations on economic partnership was positively acknowledged, with particular emphasis placed on the inclusion of free trade within the bilateral agreement. It was highlighted that the successful conclusion of these negotiations would significantly boost bilateral trade between Georgia and the Republic of Korea. Furthermore, it would provide Georgian exporters with the opportunity to showcase their products in the approximately 50-million-strong market of the Republic of Korea under the Free Trade Regime.

Additionally, discussions revolved around the agreement on mutual investment promotion, with the fourth round of talks scheduled between the countries on April 18-19. It was emphasized that this agreement would facilitate cooperation in investment between the two nations and foster closer ties between Georgian and Korean business communities. The meeting also focused on deepening cooperation in the tourism sector, and it was noted that the appointment of regular direct flights will further promote the growing interest of Koreans in Georgia as an attractive destination for tourism. In particular, in 2023, by 191% more tourists from the Republic of Korea arrived in Georgia compared to 2022. The fact that an agreement in the field of aviation was signed between Georgia and the Republic of Korea since 2021 was also emphasized.

To further strengthen the economic ties between the two nations, the deputy ministers have agreed to convene the next session of the intergovernmental economic commission between the Republic of Georgia and Korea in Tbilisi by the end of this year.