MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Vice Prime Minister, Minister of Economy and Sustainable Development, Levan Davitashvili discussed priority areas of bilateral economic relations with Faisal Al Ibrahim, Minister of Economy and Planning of the Kingdom of Saudi Arabia. The meeting was held within the framework of the official visit of the Prime Minister of Georgia to Saudi Arabia.

The parties focused on deepening cooperation in such sectors as bilateral trade, tourism, civil aviation, maritime transport, energy, real estate, mining and others. It was noted that despite the recent trend of development of bilateral economic ties, there is a great potential that can bring economic benefits to both Georgia and Saudi Arabia.

Georgian side raised the issue of establishing a joint economic commission, which will contribute to the deepening of bilateral trade and economic relations.

Cooperation in a multilateral regional format was also discussed at the meeting and the importance of starting consultations on the Free Trade Agreement with the Cooperation Council of Arab States was emphasized.

The parties also talked about the cooperation in the energy sector. Levan Davitashvili introduced to his colleague the Government scheme for encouraging the use of renewable energy sources, which is aimed at attracting investments in the field and building and commissioning new generation facilities. According to Davitashvili, Georgia has a significant potential of renewable energy sources, the utilization of which is one of the priorities of the government. He also drew attention to the mega project of the Black Sea submarine energy cable, which will connect the energy infrastructure of the European Union and the South Caucasus.

Cooperation in the tourism sector was positively assessed at the meeting, which is also confirmed by statistical data. According to the data of the 11th month of 2022, in total 117 190 visitors arrived from Saudi Arabia, which is 100 percent higher compared to the same period of 2021. It was noted that the parties welcome the deepening of cooperation in the field of tourism. Attention was also focused on the increased air traffic between the cities of Georgia and Saudi Arabia, which, in turn, promotes cooperation in various areas of the economy.