Georgia-Hungary investment deal will bolster bilateral ties

NBG noted the volume of money transfers from abroad constituted $91m Photo by N. Alavidze/, 06 May 2016 - 12:27, Tbilisi,Georgia

Georgia and Hungary are coming together to sign an agreement on protection of investments that guarantees investments will not be lost and be protected from fraud.

Today Georgia’s Foreign Ministry said the countries planned to sign the deal "in the nearest future” once negotiations of the agreement’s text were finalised later this month.

Earlier this week a Hungarian top official came to Georgia to discuss the agreement with the Georgian side. The visit also aimed to deepen existing relations between the two nations.

Georgia’s Foreign Minister Mikheil Janelidze hosted Commissioner of the Ministry of Foreign Affairs and Trade of Hungary Gyula Budai at his office yesterday.

After discussing trade and economic relations, Janelidze and Budai said they were keen to carry out joint projects in both countries and the upcoming signing of the protection of investments agreement would support this.

In Georgia Hungarian investors will be able to take part in local development projects in the fields of construction and agricultural technologies.

Georgia’s Foreign Minister hosted Commissioner of the Ministry of Foreign Affairs and Trade of Hungary at his office yesterday. Photo by MFA Georgia.

While in Georgia, Budai also met Georgia’s Agriculture Minister Otar Danelia. At the meeting the officials agreed a group of Hungarian agriculture experts will come to Georgia in November to learn about the agricultural potential of the country.

Budai spent two days in Tbilisi, May 4 and 5.

In March this year Hungarian Foreign Minister Peter Szijjarto said Hungary would open a credit line for Georgia worth $68 million USD to support Georgia’s business and investment environment.

Looking ahead, once the two countries sign the investment protection agreement the Hungarian Export-Import Bank (Eximbank) will open a $68 million USD credit line to facilitate cooperation between Hungarian and Georgian enterprises.

The investment protection agreement is expected to be signed before the end of this year.