Georgian Economy Minister, Chinese Vice Minister of Commerce discuss economic cooperation

Economic cooperation and prospects of deepening partnership between Georgia and China were discussed on Friday in a meeting between the Georgian Economy Minister Levan Davitashvili and Ling Ji, the Chinese Vice Minister and Deputy International Trade Representative.

The parties discussed topics including trade and economic ties, prospects of deepening free trade relations, investment, agriculture, transport, logistics and infrastructure, as well as information technology, innovation and tourism, the Georgian Ministry of Economy said.

Davitashvili briefed the Chinese side on the current state of the Georgian economy, including its dynamics, statistics and ongoing reforms in a number of sectors.

He said his Government had managed to “maintain economic stability” “on the backdrop of the current geopolitical situation in the region”, and noted a “significant increase” in direct foreign investments - amounting to $2.1 billion - in 2022.

The official added the volume of direct foreign investments increased by 10.9 percent in the first half of 2023, reaching $1,072.1 million and equalling 7.8 percent of the gross domestic product, adding the average rate of economic growth in Georgia was 7.0 percent between January-August.

The Georgian Minister also mentioned data of the first eight months of 2023, with trade turnover indicating that China occupied the fourth place among the largest trade partners of Georgia with a share of 7.8 percent.

The Minister also said the Government had implemented institutional and structural reforms and created a “business-friendly, liberal tax system” and an “effective legal framework”, with Georgia remaining “one of the most attractive countries” in the world in terms of investment environment and ease of doing business. He added the Government’s “great interest” was to attract more Chinese companies and investments.

Davitashvili said the decision of the Georgian Prime Minister Irakli Garibashvili last month to establish visa-free travel for Chinese citizens to the country, together with the resumption of direct flights, would “further contribute” to the deepening of the Georgia-China partnership.