The Minister of Economy and Sustainable Development of Georgia, Levan Davitashvili emphasized the importance of partnership, trade and economic ties with Saudi Arabia at a meeting with Saudi Arabia's Minister of Investments, Khalid Al-Falih, which took place after the opening event of the Georgia-Saudi Arabia Business Forum in Tbilisi.
The Ministers of the two countries once again expressed their readiness for further deepening and development of mutual cooperation, the potential of which exists in many areas of the economy.
Among the important issues that Levan Davitashvili and Khalid Al-Falih focused on was the agreement between Saudi Arabia and Georgia on the promotion and protection of investments, as well as the readiness to start negotiations regarding free trade with the Gulf countries. It was noted at the meeting that in the coming months, negotiations between the parties on the investment promotion and protection agreement will begin. It should be noted that Saudi Arabia will be the third country from the Gulf countries, which Georgia will have a bilateral investment protection agreement with.
As for the negotiations on possible free trade with the Gulf countries, according to Levan Davitashvili, work in this direction started in 2019, however, Covid-19 interrupted the process and this issue between our countries is now relevant.
The trade turnover between Georgia and Saudi Arabia is characterized by increasing dynamics - according to the 2023 data, the trade turnover between the two countries has increased by 25%. As per Levan Davitashvili, ,,bilateral trade and investments play an important role in the relations between our countries."
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