First Vice Prime Minister, the Minister of Economy and Sustainable Development of Georgia, Dimitry Kumsishvili held a bilateral meeting with the Vice Minister of Commerce of the People's Republic of China, Qian Keming.
In the course of the meeting, the First Vice Prime Minister of Georgia, Dimitry Kumsishvili referred to the importance of the Tbilisi Belt & Road Forum, which represents the Road & Belt initiative of the President of China, Xi Jinping, and is based on the principle of Win-Win thus striving for maximum welfare for each participant country.
Bilateral trade-economic relations between Georgia and China are characterized by positive tendencies. As of the data of 10 months of 2017, Georgia-China trade turnover amounts to $728 million (i.e. 19% increase) thus positioning China to the 3rd place among the largest trade partner countries of Georgia with 8.5% of total turnover. In terms of exports, which amounted to $184.5 million and revealed 27% increase compared to the same period of 2016, China is the third largest partner country with 8.4% share of Georgia's total exports.
As Dimitry Kumsishvili noted, enforcement of the Free Trade Agreement will further enhance the development and growth of trade relations with China from January 1, 2018.
The Vice Minister of Commerce of China emphasized that the Tbilisi Belt & Road Forum is the first forum within the Silk Road initiative outside China. The fact that this Forum is held in Georgia, in its turn, underlines the importance of Georgia within this initiative, where China is represented by a very large delegation.
During the meeting, the sides commented on the importance of signing a Memorandum of Understanding on the development of economic zones and promotion of entrepreneurial capabilities between the People's Republic of China and Georgia.
This memorandum aims to further develop bilateral economic and trade relations in the field of trade cooperation, investment and capacity building as well as creation of a cooperative platform for enterprises and strengthening of industrial clusters.
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