Tbilisi hosts Turkish-Georgia Business Forum initiated by Georgian diaspora
Georgian Economy Minister Levan Davitashvili at the Turkish-Georgia Business Forum. Photo: Ministry of Economy
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The Georgian capital city of Tbilisi has hosted more than 100 Turkish entrepreneurs, potential investors and representatives of the country’s business community as part of the Turkey-Georgia Business Forum, held earlier today.
The Forum was initiated by the Georgian historical diaspora living in Turkey, with the aim to attract Turkish investments to Georgia, and expand trade and economic cooperation between the two countries.
Georgian Economy Minister Levan Davitashvili spoke about the economic situation of the country and its business environment at the event, highlighting the economic recovery of Georgia to pre-pandemic levels, and noting the gross domestic product of the country had increased by 10.6 percent in the first four months of 2022.
Georgian Diaspora met with the Economy Minister Levan Davitashvili. Photo: Ministry of Economy
He also noted Turkey was one of the largest investing countries of Georgia, with its investment volume reaching $65 million in 2021.
Davitashvili said Georgia offered investors “diverse investment opportunities” in the fields of information technologies, outsourcing, logistics, and renewable energy.
"We offer investors a variety of incentive mechanisms such as loan co-financing, co-insurance, grant support for direct investment, preferential tax regime, and more", Davitashvili said, adding the investment environment of Georgia had never been "as competitive and diversified as today".
Turkey ($766.3 million), China ($614.7 million) and Russia ($559.7 million) are the top trading partners of Georgia in total external trade turnover in January-April 2022, preliminary data from the National Statistics Office of Georgia show.
Georgia-made products that include Turkish raw inputs will be exported to the EU under the Free Trade Agreement as diagonal cumulation, signed between Georgia, EU and Turkey on March 20, 2018 is entering into force ‘in the nearest future’, announces the Ministry of Economy of Georgia.
In order to support the fishing sector and increase the production of fish in Georgia, the export promotion agency Enterprise Georgia will fund the construction of a new fishing ship. The first three-party memorandum has already been signed between Enterprise Georgia, TBC Leasing and the owner of the fishing ship.
Georgian citizens will be able to go to work in Turkey, but when they return they will have to quarantine for 14 days, announces the Chairman of the Government of Adjara Tornike Rijvadze.
Georgia and Turkey will amend the free trade agreement between the two states to make it easier for businesses to sell their services to the two markets, Genadi Arveladze, the Deputy Economy Minister of Georgia, said following his meeting with Mustafa Tuzcu, the Deputy Minister of Trade of Turkey.
Georgian Deputy Economy Minister Genadi Arveladze promoted the country's investment opportunities at a roundtable meeting held in Bern on Friday involving officials and businesses from Switzerland, the Ministry has announced.
Georgian Economy Minister Levan Davitashvili briefed the European Union-Georgia Business Council on domestic economic policy priorities, challenges and solutions, current and future reforms and economic trends, the Ministry announced on Friday.
Business community, service providers, investors and entrepreneurs from different countries attended the Georgian International Business Forum in capital Tbilisi as the event wrapped up earlier on Friday, the Ministry of Economy announced on Friday.