Georgia, Korea in third round of investment agreement talks

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.