MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

On April 18-19, the fourth round of negotiations on the draft agreement on the promotion and protection of investments between Georgia and Korea was held in Seoul, the capital of the Republic of Korea. The main negotiator from the Georgian side was the Deputy Minister of Economy and Sustainable Development Genadi Arveladze. Representatives of the Ministry of Economy, Justice, Foreign Affairs and Finance also participated in the group of negotiators from the side of Georgia.

"The signing of a bilateral agreement between Georgia and the Republic of Korea in the field of promotion and protection of investments will create a solid legal basis for cooperation in the field of investments, contribute to the stimulation of entrepreneurial initiatives between the two countries and the development of economic cooperation," – the Deputy Minister stated after completion of another round of negotiations.

As statistics illustrates, the first investment from the Republic of Korea in Georgia was made in 1997, and by 2023, the total volume of investments reached 212,84 million USD. Energy sector is the main investment sector of the Korean investors. 

"The Republic of Korea is one of the important investor countries for us, with which there is great potential in terms of attracting investments. The signing of the investment agreement between Georgia and Korea is an important legal basis, as well as a clear message and an additional incentive for Korean investors to choose a country for future investments and to encourage investments from Korea to Georgia," – Genadi Arveladze noted.

The provisions of the draft agreement include mechanisms for the protection of investments and investors, in case of disputes between the parties, ways to resolve them, which is an important prerequisite for the development of investment activities between the parties and deepening of economic relations.

The next round of negotiations will be held in Tbilisi in the near future. The parties aim to complete the negotiations on the agreement "On Promotion and Protection of Investments between the Government of Georgia and the Government of the Republic of Korea" this year.