The Georgian Minister of Economy and Sustainable Development, Levan Davitashvili, highlighted the significance of foreign direct investments (FDI) for economic growth during the Georgia-Saudi Arabia Business Forum in Tbilisi.
The minister mentioned that over the past three years, Georgia maintained foreign investments at a high level, averaging around $2 billion, which is notable concerning GDP.
Davitashvili highlighted the goal of attracting high-quality direct investments from different countries to ensure economic growth and enhance the country’s economic structure.
Davitashvili identified Saudi Arabia as an important potential partner, representing the largest economy in the Persian Gulf.
“Last year marked a highly successful visit to the Persian Gulf, where we engaged in fruitful discussions with the Prince and various government officials. Subsequently, we decided to formalize relations and establish platforms aimed at fostering economic ties between our nations. In response, we took proactive steps by creating 15 councils representing businesses from Saudi Arabia, fostering stronger bilateral relations.
I anticipate that concrete investment decisions will be reached. Negotiations on a free trade agreement with the Persian Gulf countries were initiated. Typically, such agreements are discussed within the framework of the Persian Gulf countries’ council rather than individually with specific nations,” he added.
