Georgia, Egypt sign memorandum on boosting investment cooperation

Georgia and Egypt on Monday signed a memorandum on boosting cooperation and investment between them, with the agreement reached on the sidelines of the Egyptian-Georgian Business Forum in Cairo.

The Georgian Ministry of Economy announced the signing on Tuesday, saying Hossam Heiba, the Chief Executive Officer of the General Authority for Investment and Free Zones of Egypt and Mikheil Khidureli, the Director of Enterprise Georgia export promotion agency, had inked the memorandum.

In his address at the Forum, Georgian Economy Minister Levan Davitashvili highlighted the country’s economic growth trends and successes achieved in various sectors of the economy. He told the audience he hoped the Forum would become an “example of successful cooperation” between the two countries and an “additional platform for further deepening” economic and business ties.

Levan Davitashvili at the Forum. Photo: Ministry of Economy

Davitashvili noted Egypt had invested $96 million in construction, transport, real estate and other sectors of the Georgian economy and added his country was offering a “favourable” business environment and low tax burden to foreign investors.

Last year, foreign direct investments from Egypt were made in several directions in Georgia - including in tourism - and a free economic zone was established in the Kakheti region. We see that Egyptian investors are very interested in Georgia, and I hope that the Georgia-Egypt Business Forum will become an additional platform for the further deepening of economic and business ties between the two countries", he told the event.

The State Information Service of Egypt also said Heiba had reviewed the tax incentives presented by the Egyptian Government at the Forum and investment opportunities in the sectors of industry, logistics and green economy, particularly noting Georgia had a “great expertise in the production of renewable energy and recycling of waste”.