18.სექტემბერი .2022 13:45

Diagonal Cumulation Between Georgia, EU and Turkey: Update

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Cooperation between the Ministry of Economy and Sustainable Development of Georgia and the international partners resulted in the Forum on Trade and Investment Opportunities – Diagonal Cumulation between Georgia, Turkey and EU, which was held in Tbilisi.

Minister of Economy and Sustainable Development, Levan Davitashvili stated that the Republic of Georgia and the Republic of Turkey have had exceptionally close relations for many years, which is a visible example of how trade and economic cooperation can develop between two neighboring countries and how they can use each other’s potential to increase the well-being of their nations. Davitashvili also thanked the USAID Economic Security Program and the German Society for International Cooperation (GIZ), whose support made it possible to organize the forum on the Diagonal Cumulation.

The Vice Prime Minister emphasized the significance of the implementation of Diagonal Cumulation between Georgia, Turkey and the European Union, which, in his estimation, will add an additional impetus to the deepening of trade relations, as well as encourage and strengthen the export opportunities to both Georgian and Turkish private sectors.

Business community attending the Forum got acquainted with the results of the study “Investment and export promotion between Georgia, the EU and Turkey through Diagonal Cumulation” prepared following the order of the Ministry of Economy and Sustainable Development of Georgia. The Economic Security Program of the US Agency for International Development (USAID) and the consulting company PMCG supported the implementation of the study.

It was noted at the forum that according to the Diagonal Cumulation implemented between Georgia, the European Union and Turkey from April 29, 2021, it is possible to export industrial (except agricultural) products produced in Georgia using Turkish raw materials to the EU market under the Free Trade Regime. Diagonal Cumulation, together with the growth of Georgia’s export potential to the EU, will contribute to the inflow of Foreign Direct Investment (FDI) from Turkey. In addition, by promoting the creation of joint ventures by Georgian and Turkish entrepreneurs, Diagonal Cumulation will encourage innovation and create new high-paying jobs. Investment and business environment in Georgia was also discussed within the framework of the forum. B2B meetings were held between Georgian and Turkish companies, which expressed interest in investing and/or creating joint ventures, in the context of Diagonal Cumulation and the Free Trade Regime.

Minister of Trade of the Republic of Turkey Mehmet Muş, Minister of Finance of Georgia Lasha Khutsishvili, USAID Director of Mission to Georgia John A. Pennell, Head of Enterprise Georgia Agency Mikheil Khidureli, President of the Chamber of Commerce and Industry of Georgia Giorgi Pertaia as well as the representatives of Georgian and Turkish business sector attended the Forum.

USAID through the Economic Security Program Clusters and Development, which is funded by the European Union and the German government, the Enterprise Georgia Agency of the Ministry of Economy and Sustainable Development of Georgia, and the Georgian Chamber of Commerce and Industry supported the forum.