March 30, 2023

Dubai Week

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Foreign trade between UAE and Georgia to double to 1.7 billion dirhams by 2022

Minister of Foreign Affairs Dr. Thani bin Ahmed Al-Siodi led the UAE delegation that participated in the UAE-Georgia Business Forum held yesterday in the Georgian capital, Tbilisi, to promote promising investment and trade opportunities. Promoting new economic partnerships between the two business communities in both the UAE and Georgia.

Al-Zeyoudi said, “Non-oil foreign trade between the two countries will double in 2022, reaching 1.7 billion dirhams (US$468 million), a 110% growth compared to 2021, while investment exchanges between the two countries will reach 3.67 billion dirhams (a billion USD) as Emirati investments account for 5% of total foreign direct investment in Georgia, making the UAE the sixth largest foreign investor in Georgia globally.

He added, “The two countries continue to work together to strengthen the paths of cooperation and partnership through the Comprehensive Economic Partnership Agreement, which will contribute to the new era of economic relations between the two countries, trade and investment progress. Cooperation to new and competitive levels, and creating more promising opportunities in key and influential economic sectors, especially in intelligence.” Encouraging the private sector, startups and entrepreneurs in both countries to develop their businesses and projects and improving access to markets.

“The next generation FDI initiative is an important and promising opportunity for Georgian companies looking to expand and invest in the UAE, especially in new economic sectors including technology, artificial intelligence, electronic payments and smart applications,” he explained.

Al-Jayodi reviewed the indicators and results of the economic development of the UAE, which exceeded the expectations of international organizations, the most important of which was the arrival of non-oil foreign trade for the UAE, for the first time in its history, more than 2.2 trillion dirhams in 2022, and 8.5% of the GDP. Achieved unprecedented growth. In the first half of 2022 at constant state prices.

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On the sidelines of the UAE-Georgia Business Forum, Thani Al-Siodi met with the Georgian Deputy Prime Minister, Minister of Economy and Sustainable Development, Levan Davichihvili and ministers and officials of the Georgian government led by the minister. of Foreign Affairs, Ilya Darsiashvili, where the two sides discussed the development of opportunities for joint economic and trade cooperation, which will further enhance economic and investment relations and support increased trade and investment exchanges.