Georgia, Canada hold negotiations on draft Foreign Investment Promotion and Protection Agreement

The fourth round of negotiations on the draft Foreign Investment Promotion and Protection Agreement was held between Georgia and Canada in Canada’s capital Ottawa, the economy ministry said on Saturday.

Georgian deputy economy minister and the main negotiator from the Georgian side, Genadi Arveladze said the signing of the agreement would encourage Canadian investors to increase their existing investments, including their interest in investing in new sectors.

Arveladze also noted it would also stimulate entrepreneurial initiatives and the free movement of private capital, which in turn would contribute to the development of economic cooperation between the countries and the effective use of economic resources.

Representatives of the Georgian economy, justice and foreign affairs, as well as finance ministries also participated in the negotiating process. Photo: Economy ministry

The draft includes the mechanisms of protection of investments and investors in case of disputes between the parties and the ways of solving them, which is important for the development of investment activities between the parties.

The Canadian side offered Georgia to consider a new model project of the Foreign Investment Promotion and Protection Agreement in 2018, after which three official rounds of negotiations were held between the parties in Ottawa and Tbilisi.

Within the framework of the visit to Canada, the deputy minister also held a bilateral meeting with the Canadian deputy minister of international trade, Rob Stewart, discussing the prospects for deepening cooperation between the countries in trade and investments, energy, mineral extraction and processing, as well as transport areas.