Georgia, Canada hold negotiations on draft Foreign Investment Promotion and Protection Agreement
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. Photo: Economy ministry
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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.
Georgia's investment value and opportunities were discussed on Friday by Minister of Economy and Sustainable Development Levan Davitashvili and 13 International investment consultants on visit to the country from the United States, Europe and Asia.
A group of international investment consultants, on a working visit to Georgia as part of the USAID Economy Security Programme, have pledged to promote the country as the “best place worldwide” to invest and featuring the “easiest procedures” to start a business.
Bilateral relations, security issues in the Black Sea region and Canada's support for Georgia were discussed on Thursday in a meeting between the Georgian Foreign Minister Ilia Darchiashvili and his Canadian counterpart Melanie Joly.
Canada supports Georgia and has “always supported” NATO's open door policy to aspiring member states, Mélanie Joly, the Canadian Foreign Minister, said on Thursday ahead of the NATO Foreign Ministerial in Brussels.
Spain was Georgia's major foreign direct investor country in the third quarter of 2022 with $165.9 million, followed by the United Kingdom with $122.9 million and Ireland with $120.3 million, the National Statistics Office of Georgia reported in its latest figures on Friday.
Salome Zourabichvili, the Georgian President, on Thursday said her country “stood by the Canadian people” amid devastating wildfires that have burned 3.8m hectares of land in the country since late April.
The seventh round of negotiations on the draft Foreign Investment Promotion and Protection Agreement was held between Georgia and Canada in Georgia’s capital Tbilisi, the Economy Ministry said on Wednesday.
Georgian Deputy Economy Minister Genadi Arveladze on Wednesday said the country had joined the declaration on investment promotion and development during the 13th ministerial session of the World Trade Organisation held earlier today in Abu Dhabi.