Deputy Economy Minister highlights Georgia as “symbol of successful reforms, rapid development” at Georgia-Saudi Arabia Business Forum

Genadi Arveladze, the Deputy Economy Minister of Georgia, on Thursday said the country had become a “symbol of successful reforms and rapid development” in his address at the Georgia-Saudi Arabia Business Forum in Tbilisi.

The country has gained international recognition for economic freedom, market access, and business support. Over the past three years, Georgia recorded an average economic growth rate of almost 10 percent. In 2022, a record $2.2 billion inflow of foreign direct investments took place”, he said.

Speaking at the Forum, Arveladze expressed the priority of strengthening relations with Saudi Arabia and underlined the increasing trend in bilateral trade and investments between the two countries.

Anticipating a 25 percent increase in trade turnover and a 13 percent rise in exports in 2023, Arveladze emphasised the forthcoming negotiations on a bilateral investment protection and promotion agreement between the two countries to further facilitate investments from the latter.

Highlighting the establishment of a business council by the chambers of commerce of the two countries in 2023, the Deputy Minister lauded the Forum as an “exemplary platform” for deepening business ties between.

I am sure B2B meetings scheduled for today’s event, involving representatives from Georgian and Saudi Arabian companies, will provide an excellent opportunity to gain in-depth information about Georgia's investment potential”, Arveladze noted.

The Deputy Minister praised the signing of a memorandum of understanding between Medical Bridge, Polymer Solution, and Gulf Pharma within the Forum, which he said was expected to result in investment of over €50 million in Georgia.

The Forum saw the participation of representatives from trade, logistics, energy, real estate, tourism, transport, IT technologies, medicine, and construction sectors.