Minister of Economy, Georgia's PM call for signing economic and joint technical cooperation agreement

The UAE and Georgia have called for signing an economic and technical cooperation agreement between the two countries to establish a joint economic committee to strengthen communication and facilitate entry of the UAE and Georgian businessmen and investors to both markets.

This came during the meeting between Sultan bin Saeed Al Mansouri, Minister of Economy and Georgia's Prime Minister, Giorgi Kvirikashvili. They discussed ways to strengthen economic relations between the two countries. The meeting was held was held within the activities of the annual investment forum, organised by the ministry at the Dubai World Trade Centre with the participation of delegations from more than140 states.

The two sides reviewed measures to activate cooperation framework in a number of vital sectors of common interest which had been discussed in the joint meetings and during mutual visits.

Al Mansouri stressed that the two countries share many common economic features, specifically with regard to the priority sectors, most notably the agricultural and tourism sectors as well as renewable energy, which opens wider horizons to deepen economic and trade cooperation areas in line with the aspirations of both countries and peoples.

He pointed out that the two countries enjoy a favorable and attractive environment for business as well as the unique geographical locations so as to enhance the chances of the expansion of joint investments. He added that the two countries also enjoy many tourism potentials which offer many investment opportunities in the hospitality and tourism sectors.

Al Mansouri stressed the importance of forging closer ties between the business communities of the two countries to play a key role in strengthening economic and trade ties and building investment partnerships to advance the level of economic and trade cooperation to broader horizons.

 He pointed out that the signing of economic and technical cooperation agreement between the two countries to establish a joint economic commission would set a specific framework for cooperation, and a clear plan that could push the economic relations between the two countries to a wider horizon in various economic fields.

Al Mansouri said that the trade volume exchange between the two countries was below expectations, noting that the foreign trade stood at $92 million in 2014, compared to about $90 million in the first nine months of 2015.

For his part, The Georgian Prime Minister stressed keenness of his country to boost cooperation with the UAE, especially in the areas of economy and trade.

Source:WAM