Economy
Posted: 1 month ago

Georgia-Korea Investment Promotion and Protection Talks Advance in Seoul

Georgia and Korea took a significant step forward in strengthening economic cooperation with the fourth round of negotiations on a draft agreement for investment promotion and protection.

These discussions, which took place in Seoul on April 18-19, were spearheaded by Georgia's Deputy Minister of Economy and Sustainable Development, Genadi Arveladze. The Georgian negotiating team was also composed of representatives from the Ministries of Economy, Justice, Foreign Affairs, and Finance.

Deputy Minister Arveladze emphasized the importance of the bilateral agreement, noting that it would lay a robust legal framework for investment cooperation, spurring business initiatives and broadening the economic relationship between the two nations. The agreement is particularly significant as Korea has emerged as a key investor in Georgia, especially in the energy sector, with investments amounting to approximately $212.84 million since 2017.

"The Republic of Korea stands as a pivotal investment partner for Georgia, presenting substantial potential for investment attraction. Finalizing this investment agreement sends a vital signal and furnishes an extra impetus for Korean investors considering Georgia for future investment opportunities and to boost investment flows from Korea," stated Genadi Arveladze.

Key aspects of the proposed agreement include investment and investor protection mechanisms and resolution pathways for disputes, laying the groundwork for dynamic investment activity and deepened economic ties between the parties.

Negotiations are set to continue in Tbilisi shortly, with both parties keen to conclude the "Agreement on the Promotion and Protection of Investments between the Government of Georgia and the Government of the Republic of Korea" within the year.