Georgian Economy Minister, Saudi Investments Minister discuss ties in Tbilisi meeting

Georgian Economy Minister Levan Davitashvili and Khalid A. Al-Falih, the Minister of Investment of Saudi Arabia, on Thursday discussed trade and economic relations in a meeting held after the Georgian-Saudi Investment Forum in Tbilisi. 

The officials noted negotiations on the promotion and protection of investments between the countries would begin in the “coming months”, the Georgian Ministry said, adding Saudi Arabia would be the third country from the Gulf countries to have a bilateral investment protection agreement with Georgia.

The meeting also discussed the launch of free trade between the countries. Davitashvili noted negotiations on the subject had begun in 2019 but were interrupted by the Covid-19 pandemic, while now the issue had become “relevant again”. 

The free trade agreement is discussed within the Gulf Council and not with individual countries. However, there is an exception - last year we signed a free trade agreement with the United Arab Emirates, which should enter into force this year”, the Minister pointed out.

Also last year, we met with the Secretary General of the Council within the Silk Road Forum, where we talked about the renewal of free trade negotiations”, he added.

The Ministry also shared trade turnover figures of 2023, which showed an increase of 25 percent over 2022.