Georgian Deputy Prime Minister and Minister of Economy Dimitri Kumsishvili said: “Turkey ranks first among Georgia’s trading partners.
Georgian Deputy Prime Minister and Minister of Economy Dimitri Kumsishvili said: “Turkey ranks first among Georgia’s trading partners. Turkey also leads among the countries that invest the most in Georgia.”
Kumsişvili said that trade between Turkey and Georgia should be increased at the “Investment Opportunities in Textile in Georgia” meeting organized by the Foreign Economic Relations Board (DEİK).
Reminding the Free Trade Agreement (FTA) that Georgia signed with the European Union (EU) in 2014, Kumsişvili said that the agreement will provide significant returns for Georgian citizens. Pointing out that the agreement will also be beneficial for Turkish investors, Kumsişvili noted that products produced in Georgia can enter the European market tax-free. Explaining that Georgia has established important agreements in global trade if production is made in Georgia, Kumsişvili stated that negotiations with the EU are continuing and said, “We have reached the final stages with the Free Trade Organization before the EU. Yesterday, we started negotiations with China for the FTA. We expect the negotiations to be completed within 1 year.”
Reminding that Georgia’s economy grew by 4.6 percent in 2014 and 2.8 percent in 2015, Kumsishvili noted that according to IMF estimates, the country’s national income is expected to grow by 3 percent in 2016 and 5 percent in 2017.
Stating that foreign investments in Georgia have recently gained momentum, Kumsishvili said, “Foreign investment increased by 87 percent in 2014 compared to the previous year and reached 1.75 billion dollars. There has been a huge increase in foreign direct investment in the last 7 years. As of the first quarter of 2015, investments exceeding 1 billion dollars were realized.”
“In 2015, foreign trade between Turkey and Georgia approached 1.5 billion dollars”
Stating that Turkey is Georgia’s largest foreign trade partner, Kumsishvili said that trade can reach better levels with new cooperation in the textile sector. Kumsishvili gave the following information about the economic relations between the two countries:
“Turkey ranks first among Georgia’s trade partners. In fact, Turkey is one of the countries investing the most in Georgia. There is an FTA signed between Georgia and Turkey in 2007. In 2015, the total foreign trade with Turkey approached 1.5 billion dollars. In the first three months of 2015, more than 110 million dollars were invested in Georgia from Turkey, which is a 60 percent growth compared to the same period of the previous year.
Our mutual economic relations with Turkey are increasing. We are pleased to see the success of many companies from Turkey. You have been very successful in different sectors and our administration welcomes them. We would like to see more of you in Georgia, in trade, textiles, tourism, hospitality and communications… These are the most attractive sectors for our investors in Turkey.”
“Turks rank 3rd in the total number of tourists”
Stating that they welcome Turkey’s close relations with Georgia, Kumsishvili reminded that the two major airports in Batumi and Tbilisi are operated by TAV.
Reminding that 1.3 million tourists came to Georgia last year, Kumsishvili said that Turkish tourists ranked 3rd among the total number of tourists.
Explaining that the Georgian government will provide unlimited collateral to Turkish investors, Kumsişvili said that new cooperation between the two countries can come to the agenda within the framework of reciprocity.
Cemal Yangın, President of DEIK/Turkey-Georgia Business Council, talked about the common traditions of Georgia and Turkey and said that Georgian hospitality is attractive for Turkish investors.
Reminding the statements of Dimitri Kumsishvili, Deputy Prime Minister and Minister of Economy of Georgia, that bureaucratic problems that may be experienced can be solved in a short time, Mr. Yangın invited investors to Georgia.
“Foreign Trade Balance was 886 million dollars in favor of Turkey in 2015”
According to the data shared by DEİK at the meeting, Turkey’s exports to Georgia ranks fourth among the former Eastern Bloc countries in the ready-to-wear and apparel sector.
Georgia is among the top 20 countries from which Turkey imports the most ready-to-wear and apparel, especially in the underwear sector.
Turkey’s textile imports from Georgia amounted to 1.9 million dollars in 2015, while ready-to-wear imports amounted to 60 million dollars.
The total foreign trade volume between Turkey and Georgia was 1.332 billion dollars in 2015, while exports from Turkey to Georgia amounted to 1.109 billion dollars.
Turkey’s imports from Georgia amounted to 223 million dollars in 2015. Foreign trade balance was $886 million in favor of Turkey in 2015.
