Georgia and Republic of Korea Signed Agreement on Economic Cooperation

Published in Economics
Monday, 11 March 2019 15:23

Within the frames of the visit of the Minister of Economy and Sustainable Development of Georgia, George Kobulia, to the Republic of Korea, an Agreement between the Government of the Republic of Korea and the Government of Georgia on Economic Cooperation was signed. 

The Agreement was signed by the Vice Foreign Minister of the Republic of Korea, Lee Tae-ho and the Deputy Minister of Economy and Sustainable Development of Georgia, Genadi Arveladze. The Agreement will become effective in 30 days. 

With the Agreement, the Republic of Korea and Georgia agreed to explore the possibility of joint projects in areas of mutual interest, including investment, trade, tourism and industry, and to continue to strengthen economic cooperation, including people-to-people exchanges between the two countries.

Georgia and the Republic of Korea will establish a joint committee to effectively implement the Agreement and to explore ways to increase economic cooperation between the two countries. The Commission will discuss the existing bilateral trade and economic relations and possibilities and opportunities for enhanced cooperation in different sectors.

The Agreement between Georgia and the Republic of Korea is targeted at expanding the economic cooperation between the two countries, including the facilitation of the Korean companies to expand their presence in Georgia.

“This Agreement will be another contributing factor to the growth of the foreign trade turnover and the development of the trade and economic cooperation. It will encourage entrepreneurs in to enter the market and implement new investment projects,” – George Kobulia, the Minister of Economy and Sustainable Development stated after the signing of the Agreement.

Georgia and the Republic of Korea also agreed to start negotiations on conclusion of the Korea-Georgia Investment Promotion and Protection Agreement at a mutually convenient time.

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