MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

The 8th session of the joint commission for trade and economic cooperation between Georgia and China was held in Beijing under the co-chairmanship of the Vice Prime Minister of Georgia Levan Davitashvili and the Deputy Minister of Commerce of China, Ling Ji. As the co-chairmen of the commission noted in their speeches, the meeting will contribute to the transition of bilateral relations between the countries to a new stage, deepening of economic cooperation and partnership in various sectors.

According to the agenda of the commission session, the parties discussed a wide range of issues including trade and economics, prospects of deepening of free trade, investment relations, agriculture, transport, logistics and infrastructure, information technologies and innovations, tourism, etc.

Levan Davitashvili emphasized that there are more resources for economic cooperation between Georgia and the People’s Republic of China in various directions.

Minister of Economy and Sustainable Development briefly introduced the current situation, dynamics and statistical data of the Georgian economy to the Chinese side and spoke about the ongoing reforms in various fields.

Levan Davitashvili noted that the year of 2022 was full of significant economic challenges, but despite the acute geopolitical situation in the region, Georgia managed to maintain economic stability - after the 10,5% economic growth recorded in 2021, in 2022, a double-digit, 10,1% growth was also recorded, while in January-August this year, the average rate of economic growth reached 7,0%. In 2022, there was a significant increase in direct foreign investments, which amounted to a record amount of 2,1 billion USD. In the first half of 2023, the volume of direct foreign investment was increased by 10,9% reaching 1072,1 million USD and equalling to 7,8% of GDP.

“Fruitful and successful relationship between our countries is reflected accordingly in the statistics of bilateral trade. According to the data of the eight months of 2023, in terms of the trade turnover, China in on the 4th place among the largest trade partners of Georgia with a share of 7,8%.

Georgia has implemented institutional and structural reforms and created a business-friendly, liberal tax system and an effective legal framework. In terms of investment environment and ease of doing business, Georgia remains one of the most attractive countries in the world and continues to work to attract foreign direct investment. It is in the great interest of our government to attract more Chinese companies and investments to Georgia,” – Levan Davitashvili stated.

In addition, according to the statement of the Vice Prime Minister, the establishment of visa-free travel for Chinese citizens by the decision of the Georgian Government, together with the resumption of direct flights, will further contribute to the deepening of the Georgia-China partnership.

The co-chairmen of the joint commission for trade and economic cooperation between Georgia and China signed the minutes of the meeting, in which the priority areas of bilateral economic cooperation were reflected. Next session of the commission will be held in Georgia.