Georgia, Korea in third round of investment agreement talks
Deputy economy minister Genadi Arveladze visited Seoul on Monday to hold talks on the bilateral investment agreement. Photo: ministry of economy
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Georgia and South Korea have held the third round of negotiations on the agreement on promotion and protection of investment between the countries, the Georgian ministry of economy announced on Tuesday.
Deputy economy minister Genadi Arveladze visited Seoul on Monday to hold talks on the bilateral investment agreement.
We are sure that the signing of the bilateral agreement on the promotion and protection of investments between Georgia and the Republic of Korea, which will create a solid legal basis for cooperation in the field of investments, will contribute to the movement of capital, the stimulation of entrepreneurial initiatives and the prosperity of both states", Arveladze said.
The official also noted the agreement would encourage Korean investors to increase investments in Georgia and encourage them to explore new sectors of the Georgian economy.
The agreement includes mechanisms of protection of investments and investors in case of disputes between the parties and the ways of solving them, which the ministry called an “important prerequisite” for the development of investment activities between the sides.
Korea made its first investments in Georgia in 1997, with the volume of investments since then reaching $209.47 million.
Georgian deputy economy minister Genadi Arveladze will visit South Korea between Monday and Wednesday to hold talks on a bilateral investment agreement between the countries, the ministry announced on Monday.
The importance of developing bilateral and multilateral relations between Georgia and the Republic of Korea was discussed on Thursday in a meeting between Georgian prime minister Irakli Garibashvili and Tarash Papaskua, the country’s newly appointed ambassador to Korea.
Davit Tkemaladze, the Deputy Chairman of the Georgian National Wine Agency, has visited Seoul to support Georgian wine producers in exploring the Korean market and presenting their product to consumers, The Korea Herald reported on Tuesday.
Georgia and Korea have signed an agreement on air traffic, according to which Georgian airlines will be able to operate regular flights to and from Korea's largest international airports, while Korean airlines will be able to operate regular flights at Georgian airports, announces the Ministry of Economy of Georgia.
A joint feasibility study on a free trade agreement between Georgia and South Korea has confirmed that the deal would have a positive impact on the economic welfare of both countries, the ministry of economy announced on Wednesday.
Georgia and South Korea will launch negotiations for signing a partnership agreement deepening trade and economic ties between the countries this year, the Ministry of Economy of Georgia announced on Tuesday.
Georgian Prime Minister Irakli Garibashvili and Chey Tae-won, the Chair of the Korean Chamber of Commerce and Industry and also, the Chair of the SK Group, on Saturday discussed cooperation in various fields and reviewed prospects of deepening future partnership.
The bilateral economic cooperation between Georgia and Korea was discussed by Georgian Deputy Economy Minister Genadi Arveladze and Sarah Ahn, Korean Director-General for International Economic Affairs of the Foreign Ministry, the Economy Ministry said on Friday.