Posted: 7 months ago

Documents Signed with USA to Boost Georgia's Stable Development

As part of the Georgian Prime Minister's visit to the US, the Georgian Ministry of Economy and Sustainable Development and the US Department of Commerce signed a memorandum of understanding on cooperation for enhanced bilateral trade relations.

The document, signed after today's meeting between Mamuka Bakhtadze and US Secretary of Commerce Wilbur Ross, will further boost the bilateral trade relations between the two countries.

During the meeting at the Department of Commerce, the Prime Minister of Georgia and the US Secretary of Commerce emphasized the importance of strengthening bilateral trade and economic relations, including through such effective platforms as the working group for economy under the US-Georgia Strategic Partnership Commission, and through high-level dialogue on trade and investment.

The Head of Government commended the steadily growing number of American companies interested in investing in Georgia. According to Mamuka Bakhtadze, low taxes, advantageous geographic location, and numerous preferential regimes make doing business in Georgia even more attractive, and offer businesses the shortest route to reach the fastest growing European and Asian markets.

During the meeting, the parties agreed to launch the establishment of a US commercial representative office of regional importance in Georgia. The launch of relevant work on the establishment of this office is put forth in the Memorandum of Understanding signed by Georgian Minister of Economy and Sustainable Development Natia Turnava and US Secretary of Commerce Wilbur Ross, after the meeting between the Prime Minister of Georgia and the US Secretary of Commerce.

According to the Prime Minister, this document is an agreement on principles designed to ensure Georgia's tangible, inclusive growth in the coming years.

"Two days ago, a far-reaching document was adopted, the 10th Anniversary Joint Declaration on the Strategic Partnership defining our priorities with the US in the coming years, so that we may advance the strategic partnership between Georgia and the US to a qualitatively new level. The declaration also contains a very important factor, namely that Georgia has enough potential to transform into the region's economic an logistics hub, and this day, along with the memorandum signed with the Department of Commerce, is its continuation. According to the document, we will receive significant assistance from our American friends, and a platform will be created in Georgia to enable American business to expand their presence in the region. With such support from the world's top economy, we can state that we have all the preconditions to be successful in the strategy transforming Georgia into the region's economic hub," the Prime Minister emphasized.

The Head of Government thanked Georgia's American friends for support and pointed out the success of his ongoing visit.

"We have agreed with the US on documents an principles of historic importance which guarantee Georgia's stable, peaceful development and our economy's tangible, inclusive growth in the coming years to reflect in example of every Georgian citizen," Mamuka Bakhtadze said.

According to the memorandum, for the purpose of further deepening bilateral trade and economic relations, and to expand the scope of trade, the parties will intensify their dialogue, and will promote direct ties between business communities. In the same vein, the Commercial Law Development Program (CLDP) will continue to foster the development of commercial economy in Georgia, and so will the Special American Business Internship Training (SABIT) program, which assists Georgian businesses in establishing close ties with American companies, experience-sharing, and intensifying partnerships. The document also involves information exchange on mutually interesting issues: encouraging the participation of enterprises and organizations in exhibitions, fairs, business forums, trade missions, and series of meetings with investors to be held in the territories of the memorandum's signatories and beyond.