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Shanghai Major Corporation CEFC China to Open Regional Office in Georgia

Shanghai Major Corporation CEFC China to Open Regional Office in Georgia

Dimitri Qumsishvili, First vice prime minister and Minister of Economy and Sustainable Development of Georgia, has met with CEFC China chairman Ye Jianming  as part of his working visit to China. The meeting was held at the head office of the Chinese corporation in Shanghai.

At the meeting the Georgian first vice prime minister talked about Georgia’s business and investment environment and made focus on considerable growth in Chinese investors’ interest in the Georgian economy’s various sectors. Chinese companies successfully operate in such sectors as housing sector, roads and infrastructure, power system, banking sector and so on.

China ranks fourth among Georgia’s major trade partner countries. China ranks second among Georgia’s export markets with 9% ratio in total exports of Georgia.

The parties also discussed the Chinese corporation’s interests in the Georgian economy. CEFC China showed readiness to open a regional office in Georgia to cover the region and Eastern Europe. Moreover, CEFC China is interested in making investments in the banking sector, power system and tourism business of Georgia.

At the meeting the parties also discussed Georgian wines exports to China that constantly grows year to year. According to official statistics, in January-June 2016, China advanced to the 3rd position from 4th place among Georgian wine exporter countries and surpasses such countries as Russia and Ukraine.

In the first half of 2016 Georgia exported 1.9 million bottles of wines (0.75 liter) to China. The year on year growth marked 148%.

It should be also noted that Georgia should be valuably represented at the Shanghai Region’s wine market, which is one of the major wine consumption markets.

The parties also made focus on ongoing negotiations with China over free trade agreement issues. The countries are successfully implementing the process and the agreement will be supposedly signed by the end of 2016.