MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

First Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili emphasized the importance of partnership, trade and economic ties of Georgia and Saudi Arabia at the meeting with Saudi Arabia Minister of Investments Khalid Al-Falih. The meeting was held after the opening event of Georgia-Saudi Arabia Business Forum in Tbilisi.

The ministers of the two countries once again expressed their readiness for further deepening and development of mutual cooperation, which has vast potential in many areas of economy.

Among the important issues that Levan Davitashvili and Khalid Al-Falih focused on was the Agreement between Saudi Arabia and Georgia on Promotion and Protection of Investments, as well as the readiness to start negotiations regarding the free trade with the Gulf countries. It was noted that the negotiations between the parties on the Agreement will begin in the coming months. Saudi Arabia will be the third country of the Gulf countries which Georgia will sign a bilateral investment protection agreement.

As for the negotiations on possible free trade with the Gulf countries, according to Levan Davitashvili, the countries started the process in 2019, however, Covid-pandemic interrupted it and this issue between the countries is now relevant again.

“As a rule, the free trade agreement is discussed within the framework of the Gulf Council and not with individual countries, however, there is still an exception - last year we signed a free trade agreement with the United Arab Emirates, which should enter into force this year. Also, last year, within the framework of the Silk Road Forum, we met with the Secretary General of the Council and discussed the renewal of free trade negotiations,” – the First Vice Prime Minister noted.

The trade turnover between Georgia and Saudi Arabia is characterized by increasing dynamics - according to the data of 2023, the trade turnover between the two countries has increased by 25%. As Levan Davitashvili noted, bilateral trade and investments play an important role in the relations between the two countries. The Vice Prime Minister added that there is a great potential for increasing investments from Saudi Arabia in such sectors as energy, logistics, real estate, tourism, etc.