8th Session of Sino-Georgian Trade and Economic Cooperation Joint Commission held in Beijing
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 Levan Davitashvili, Vice Prime-Minister and Minister of Economy of Georgia, and Ling Dze, the Deputy Minister of Commerce of China. As Davitashvili and Dze said, the meeting will further contribute to moving bilateral relations to a new stage, deepening economic cooperation and partnership in various fields.
According to the release of the Georgian Ministry of Economy and Sustainable Development, the parties discussed a wide range of issues: trade and economy, including prospects for deepening free trade, investment relations, agriculture, transport, logistics and infrastructure, information technologies and innovation, tourism and others. The Minister of Economy and Sustainable Development briefly presented to the Chinese side the current state of affairs, dynamics and statistical data of the Georgian economy, as well as the ongoing reforms in various fields.
Davitashvili noted that in spite of the challenging geopolitical context, “Georgia managed to keep its economy sustainable in 2022” with GDP growth of 10.1%. Davitashvili stressed that there was a “significant increase in foreign direct investment in 2022, which reached a record $2.1 billion.” Davitashvili also praised the Georgian business environment, characterizing it as free, effective, and favorable for business: “Georgia has carried out institutional and structural reforms, created favorable business environment, liberal taxation system and effective legal base. In terms of simplicity of investment and business environment, Georgia stands as one of the most attractive countries in the world.”
“The fruitful and successful relations between our countries are reflected in the bilateral trade statistics. According to the data for the first eight months of 2023, China ranks fourth among Georgia’s largest trading partners in terms of trade turnover, with a share of 7.8%,”- noted Davitashvili.
In addition, Davitashvili noted that the introduction of visa-free travel for Chinese citizens, as decided by the Georgian government, together with the resumption of direct flights, will further contribute to the deepening of the Georgia-China partnership.
After the joint session, co-chairmen signed the minutes of the meeting reflecting the priorities of bilateral economic partnership. The next meeting of the Commission will be held in Georgia.
Meeting with the Minister of Commerce of China Wang Wentao
As part of his visit to China, the Minister of Economy and Sustainable development met with the Chinese Minister of Commerce Wang Wentao. According to the Georgian Ministry of Economy and Sustainable Development the parties discussed the pertinent issues of trade and economy, including prospects for deepening free trade, investment relations, agriculture, transport, logistics and infrastructure, information technologies and innovation, tourism, etc. Special attention was paid to the action plan of bilateral cooperation between Georgia and China within the framework of the Belt and Road Initiative – the said plan was signed during the visit of the Prime Minister of Georgia to China in July 2023.
Particular emphasis was placed on cooperation in promoting the Middle Corridor through Georgia and attracting new cargoes to the route, as well as “discussing major infrastructure projects that will have a positive impact on the capacity of the Middle Corridor in the future.” Levan Davitashvili focused on the Anaklia deep sea port development project, as well as on increasing the frequency of direct flights with China and other priority issues.
It was noted since the Free Trade Agreement came into force five years ago, the trade statistics between China and Georgia have changed significantly. In particular, in 2022, compared to 2017, trade turnover increased by 94%, and exports increased by 265% to 736.9 million. The structure of exports has also changed significantly, with new Georgian export products appearing on the Chinese consumer market. At the same time, the ministers stressed that the agreement can bring more benefit to both countries. Attention was also drawn to the issue of export of Georgian wine to China. It was noted that the Chinese market is one of the most promising and priority markets for the Georgian wine industry.
According to the Ministry’s press release “the sides discussed preparations for the fourth edition of the Tbilisi Silk Road Forum on 26-27 October, which “will be attended by some 2,000 delegates from 60 countries around the world, including high-ranking officials and international representatives of financial institutions and businesses”.
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- 01/08/2023 – Politicians Assess Establishment of Strategic Partnership Between Georgia and China
- 31/07/2023 – Georgia and China Issue Joint Statement on Strategic Partnership
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