Minister of Economy and Sustainable Development, Natia Turnava and the Ambassador of the Kingdom of Saudi Arabia to Georgia, H.E. Abdullah bin Hajjaj Al-Mutairi discussed the trade and economic cooperation between the two countries and other topical issues.
The meeting noted the positive dynamics that has recently existed between Georgia and Saudi Arabia in the field of trade and investment. According to the data of January-July 2020, the trade turnover between the countries increased 3 times, while the export increased 9 times, by 818 percent. In terms of investment cooperation, investments from Saudi Arabia amounted to 100 million USD in 2009-2019, while in the first quarter of 2020, the amount of investments from Saudi Arabia has been increased 25 times compared to the same period of last year. It was also noted that work is underway between the countries on the text of the draft agreement on the promotion and protection of investments.
At the same time, the circumstance that Georgia is interested in concluding a free trade agreement with the Cooperation Council of Arab Countries was underlined. It was noted that despite the growing trade between Georgia and the member states of the Arab world in recent years, the existing potential has not been fully used and there are more opportunities for the development of bilateral trade. At the meeting, Georgia’s interest in intensifying the negotiation process with the Cooperation Council of Arab Countries was once again expressed.
The meeting also focused on the upcoming elections for the position of the Director General of the World Trade Organization.
It was also highlighted at the meeting that before the pandemic, cooperation between Georgia and Saudi Arabia was characterized by increasing dynamics in the field of tourism. In 2019, Saudi Arabia was ranked 12th among the top 15 countries in terms of visitors to Georgia.
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