Georgia-Israel trade turnover to reach $1 billion in next 5 years

Trade turnover between Georgia and Israel is strong and steady, but the partnership can intensify and reach $1 billion over the course of the next five years, announces Georgia’s Ministry of Economy.

Developing trade and economic relations was one of the main topics of discussion at today’s meeting between Georgia’s Economy Minister Dimitry Kumsishvili and the Minister of Economy and Industry of Israel, Eli Cohen.

Trade turnover between the counties increased by 31 percent in 2017 compared to 2016, while export increased by 28 percent during the same period. Juice, beer, wine, mineral water and nuts are Georgia’s main export products to Israel.

Israel is one of the first states which invested impressively in Georgia’s economy. As of today 271 Israeli companies have been operating in Georgia, the total sum of the investments of which reaches $124 million.

At the meeting Kumsishvili and Cohen agreed to deepen cooperation in various fields of economy. The ministers found several sectors interesting for future cooperation such as maritime transport, logistics, advanced technology and tourism.

As for tourism, the number of Israeli tourists visiting Georgia increased by 26 percent in 2017 compared to 2016. Israel is the seventh country on the list of countries from where the largest number of travellers came to Georgia in 2017.