Georgia-Lithuania business forum: PM promotes business-friendly Georgia

Georgia offers a business-friendly environment to Lithuanian and all international investors.

Prime Minister Irakli Garibashvili talked about his country’s increasing economic potential at the Georgia-Lithuania business forum attended by Lithuanian Prime Minister Algirdas Butkevicius and about hundred Georgian and Lithuanian businessmen in Tbilisi earlier this morning.

Garibashvili named three main factors what he believed would boost economic development and international investments in Georgia:

• Georgia’s business-friendly environment;
• Its stable regional trade relations;
• And its location at the crossroads of Western Europe and Asia.

Meanwhile, Garibashvili noted Georgia’s European and Euro-Atlantic integration was the greatest support for the country’s development.

He said his people’s "firm choice” was to get closer to Europe and become a member of the "large European family”.

In this context, Garibashvili stressed the importance of the Association Agreement (AA) and Deep and Comprehensive Free Trade Area (DCFTA), two important deals, which Georgia and the European Union (EU) signed last summer.

Georgian-Lithuanian business forum in the Georgian capital Tbilisi. Photo by PM's press office

Garibashvili said due to Georgia’s diverse economy, he was confident that the country would become "more and more interesting” for foreign investors.

"I want to say that Georgia’s economy is really diverse and we will attract more investors from Lithuania and other countries,” he said.

"Business is untouchable in Georgia and a business-friendly environment is present. We have excellent dynamics of growth and enormous potential for attracting direct foreign investments in such fields as energy, manufacturing, logistics, as well as real estate and tourism”.

"In addition, in recent times there’s a tendency that the manufacturers who seek for safe and convenient business environment, prefer to open enterprises in Georgia because they can use our great transit potential for the transportation of goods without customs tariffs.”

Garibashvili also noted that deepening economic cooperation with the EU states was one of the top priorities of the Georgian Government.

"We welcome Lithuanian investors, who are interested in investing in Georgia. We will do our best to make them feel at home,” he said.

Meanwhile, the Georgian PM noted the trade turnover between Georgia and Lithuania had increased recently. He said:

• Georgia’s trade turnover with Lithuania increased by 30.5 percent and exceeded 76 million USD;
• Export increased by 46 percent and made up 32 million USD;
• Import increased by 21 percent and reached 45 million USD.

Meanwhile, Lithuanian PM Butkevicius said that he had arrived in Georgia to express support and solidarity and encourage business cooperation between the two countries.

"I am delighted that Georgia and Lithuania managed to build a solid foundation for cooperation in the spheres of trade and investment,” he said.

"Our countries are trying to encourage closer relations, which has historical connections. Lithuania and Georgia have joint economic interests. I arrived in Tbilisi to show my support, solidarity and to give boost to the business cooperation. I am pleased that Georgian companies expressed interest in such spheres as food production and gathered at this forum."

Butkevicious also noted that the Lithuanian economy was one of the fastest-growing economies of the EU.

"International rating shows positive changes in Lithuania in terms of business climate,” he said.

"In the World Bank’s list, Lithuania is on the 24th position by the criteria of starting a business and entrepreneurship.”

The Lithuanian PM also noted that the transition of their national currency to euro was "very smooth” and happened in compliance with the plan.

Lithuanian (left) and Georgian PMs signing an economic collaboration deal. Photo by PM's press office.

Meanwhile, the Prime Ministers of the two countries signed an economic cooperation agreement following the business forum. They believed the document would see Georgian and Lithuanian businessmen intensify their collaboration.

Butkevicius arrived in Tbilisi yesterday. After meeting his Georgian counterpart Garibashvili and having a working dinner with him, he met Georgia’s President Giorgi Margvelashvili and highlighted Lithuania’s commitment to "help Georgia achieve reforms for Euro-Atlantic integration”.

Meeting with the President of #Georgia.LT is committed to help #Georgia achieve reforms for euroatlantic integration pic.twitter.com/KFdB8cWoxy

— Algirdas Butkevičius (@AButkevicius) January 26, 2015