Georgia: Deputy Minister, Genadi Arveladze visits Korea for negotiations on investment promotion and protection

Tbilisi: The third round of negotiations on the draft agreement on investment promotion and protection between Georgia and Korea was held in Seoul, the capital of Korea. The main negotiator of Georgia is the Deputy Minister of Economy and Sustainable Development Genadi Arveladze.

“Signing the agreement will encourage Korean investors to boost existing investments, including their interest in investing in new sectors”, stated Deputy Minister Arveladze.

According to statistical data, investments from the Republic of Korea were made for the first time in 1997. Since then, until 2021 the volume of investments amounted to 209.47 million. US dollar; in 2016-2021 the volume of investments amounted to 128.94 million. U.S. dollars.

“It is noteworthy that in recent years, the growing interest of Korean investors in Georgia, mainly in the field of energy. We are confident that the signing of a bilateral agreement in the field of investment promotion and protection between Georgia and the Republic of Korea, which will establish a solid legal basis for cooperation in the field of investments, to stimulate entrepreneurial initiatives and to the welfare of both the states, and economic development of the stakeholders. The ability to use economic resources effectively and to raise the standard of living” – said Arveladze.

As part of his visit, the deputy minister also held a bilateral meeting with Korean Deputy Foreign Minister Seong Dok Un. Prospects for deepening cooperation between Georgia and Korea were discussed at the meeting.

Zurab Kvaratskhelia

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