Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, headed the UAE delegation participating in the UAE-Georgian Business Forum, which was held yesterday in the Georgian capital, Tbilisi, with the aim of promoting promising investment and trade opportunities in both the UAE and Georgia, and promoting new economic partnerships between the two business communities. Supporting communication between the government and private sectors in the two countries.
Al-Zeyoudi said, “Non-oil foreign trade between the two countries doubled during 2022, to reach more than 1.7 billion dirhams (468 million US dollars), achieving a growth of 110%, compared to 2021, while investment exchanges between the two countries exceeded 3.67 billion dirhams (one billion US dollars). dollars), as Emirati investments amount to 5% of the total foreign direct investment in Georgia, making the UAE the sixth largest foreign investor in Georgia at the global level.
He added, “The two countries continue to work jointly to strengthen the paths of cooperation and partnership through the Comprehensive Economic Partnership Agreement, which will contribute to the inauguration of a new era of economic relations between the two countries, the advancement of trade and investment cooperation to new and competitive levels, and the creation of more promising opportunities in the vital and influential economic sectors, especially intelligence.” Artificial industries, agriculture, tourism, transportation, energy, and other strategic sectors, in addition to enhancing the capabilities of the private sector in the two countries, encouraging startups and entrepreneurs to grow their businesses and projects, and improving their access to markets.
He explained that «the next generation of foreign direct investment initiative is an important and promising opportunity for Georgian companies wishing to expand and invest in the UAE, specifically in new economic sectors, including technology, artificial intelligence, electronic payments and smart applications».
Al-Zeyoudi reviewed the indicators and results of the economic growth of the UAE, which exceeded the expectations of international institutions, the most prominent of which is the arrival of non-oil foreign trade for the UAE, for the first time in its history, to more than 2.2 trillion dirhams in 2022, and achieving an unprecedented growth of 8.5% of GDP. At the state’s constant prices during the first half of 2022.
On the sidelines of the UAE-Georgian Business Forum, Thani Al-Zeyoudi met with a number of ministers and officials in the Georgian government, led by the Georgian Deputy Prime Minister, Minister of Economy and Sustainable Development, Levan Davichihvili, and the Minister of Foreign Affairs, Ilia Darsiashvili, where the two sides discussed enhancing prospects for joint economic and trade cooperation, in a way that enhances Economic and investment ties during the next stage, and supports increased trade and investment exchange.
