UAE looks to boost investments in Georgia

Georgian Prime Minister Irakli Garibashvili in the UAE. Photo by PM's PO, 16 Sep 2014 - 18:27, Tbilisi,Georgia

The United Arab Emirates (UAE) is looking to further increase its investment opportunities in Georgia. This move would build on the growing investments between two countries, which have zoomed to $62 million USD – 7 percent of the Georgia’s total investments last year.

Georgia’s Prime Minister Irakli Garibashvili is on an official visit to the UAE to discuss the future cooperation between two countries.

With an eye on improving its presence in Georgia’s investment market, officials from the oil-rich nation’s government held meetings with the Georgian delegation, which also included Minister of Economy and Sustainable Development Giorgi Kvirikashvili and the head of Co-Investment Foundation Giorgi Bachiashvili.

A press statement by the Georgia’s Government Administration said the UAE had shown interest in Georgia’s agricultural sector and asked the Georgia’s delegation to increase exports of local foods to the UAE.

"The United Arab Emirates high officials opened their eyes to big investment opportunities in Georgia, particularly on energy and transportation,” said Bachiashvili of the Co-Investment Foundation.

Bachiashvili said plans were already in place for UAE officials to visit Georgia in the near future. The group would be accompanied by a UAE business delegation who would discuss potential business projects while in Georgia.

Meanwhile, Georgia’s Economy Minister said the UAE visit was "successful” and the hosts were keen to share their knowledge and experience of tourism sector development.

"We discussed Georgia’s tourism potential in detail,” Kvirikashvili said.

Meanwhile, Georgia’s Foreign Minister said interest towards the country’s economy was great and she believed this visit would encourage foreigners to invest in Georgia.

The UAE are already presented in Georgia’s economy in different sectors including banking and transportation.