MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

"Georgia has become a symbol of successful reforms and rapid development. The country has gained international recognition for economic freedom, market access and support to the business. Over the past three years, Georgia had an average economic growth rate of almost 10%, and in 2022, a record inflow of direct foreign investments of 2,2 billion USD was recorded," – Genadi Arveladze, Deputy Minister of Economy and Sustainable Development, stated in his speech at the Georgia-Saudi Arabia Business Forum. 

About 70 Saudi Arabian businesspersons participated in the bilateral Business Forum. The business delegation was headed by the Chairperson of Council of the Federation for Saudi Chambers of Commerce and Industry, Hassan Moejeb Alhwaizy.

"Our priority is to strengthen relations with the Kingdom of Saudi Arabia as one of the leading countries in the Gulf and the Arab world in general. Since the bilateral trade and investments play an important role in the relations between our countries, we are happy to note that during the recent years, including last year, we have maintained an increasing trend in both bilateral trade and Saudi Arabian investments," – the Deputy Minister noted and added, that in 2023, trade turnover was increased by 25% and export – by 13%. Genadi Arveladze also noted that, in the near future, in order to further promote investments from Saudi Arabia, it is planned to start negotiations on a Bilateral Investment Protection and Promotion Agreement between the two countries.

The Deputy Minister attached great importance to the establishment of the Business Council by the Chambers of Commerce and Industry of Georgia and Saudi Arabia in 2023, which regularly holds working meetings and promotes the rapprochement of the business circles of the two countries.

"Today's business forum is another clear example of our successful relations and an additional platform for further deepening of business ties between the business circles of our countries. I am sure that the B2B meetings planned within the framework of today's event, between the representatives of Georgian and Saudi Arabian companies, will be an excellent opportunity to get in-depth information about the investment potential of Georgia," – Genadi Arveladze added.

The Deputy Minister positively evaluated the signing of the Memorandum of Understanding between Medical Bridge, Polymer Solution and Gulf Pharma within the framework of the business forum since the cooperation over fifty million euros will be invested in Georgia.

The Business Forum was opened by the chairman of the Chamber of Commerce and Industry of Georgia, Giorgi Pertaia. Representatives of business circles of the two countries representing such important sectors as trade, logistics, energy, real estate, tourism, transport, IT technologies, medicine, construction and other sectors participated in the Forum. The Business Forum was followed by the B2B meetings.