BAKU, Azerbaijan, June 28
Tamilla Mammadova – Trend:
The first official round of negotiations on the draft agreement on the support and protection of investments between Georgia and Korea was held in the format of a video conference, Trend reports via the Ministry of Economy of Georgia.
The parties began consultations on the investment agreement in December 2019 in Seoul. The document defines the mechanisms for the protection of investments and investors in the event of disputes between the parties, the methods of their resolution.
From the Georgian side, the negotiating group is headed by Deputy Minister of Economy Gennadi Arveladze. According to him, Korea is one of the most important countries for Georgia, with greater potential in terms of attracting investments. He noted that in recent years, Korean investors have shown increasing interest in Georgia, including in the energy sector.
"We are convinced that the signing of a bilateral agreement on the support and protection of investments between Georgia and Korea, which will create a solid legal basis for cooperation in the field of investment, will facilitate the movement of capital, stimulate entrepreneurial initiatives and raise the standard of living of both countries," Arveladze said.
According to statistics, the first investments from Korea to Georgia were made in 1997, since then, including 2020, the total investment amounted to $204.32 million, including $123.79 million in 2016-2020.
Trade turnover between the countries from January through May this year amounted to $31.1 million.
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