Giorgi Kobulia Meets with Vice President of Hitachi

On Friday, October 26, Georgia’s Minister of Economy and Sustainable Development Giorgi Kobulia met with senior vice-president of Hitachi, Yasuo Tanabe, who has had a long career in international trade policy making.

Describing the meeting, Kobulia said “During the meeting with the vice president of the renowned Japanese corporation, we discussed investment opportunities in Georgia. It is true that the course of our government, in terms of simplifying the tax regime and liberalizing the business environment is correct, as our foreign guest said that this factor is one of the main advantages over other countries in the region. We welcome both Hitachi and other Japanese investors to the Georgian market, for which we will continue to work in this direction. We discussed that Hitachi will study the Georgian market and come back with specific proposals.”

The Georgian side introduced national economic trends, tax and investment legislation, and major investment projects in the country, including construction, real estate, heavy industry and tourism, and reported that the Japanese representatives were very interested in these details.

After the meeting, Tanabe said that during his visit to Georgia, he took the opportunity to study the economy and market of the country. “We know that Georgia has a very good geographical location and it is possible to use this as an advantage. We also know that many reforms are being implemented in Georgia to make it more attractive to foreign investors,” he noted.

Tanabe explained that Hitachi is a large conglomerate and is represented in many business sectors, including information technologies, public and industrial infrastructure, energy systems, home appliances, motor parts, and more.

“So, I think what we can do in Georgia,” Tanabe continued, “is to use these reforms focused on politics and profitable geographical policies. We can offer digital solutions on the Internet and an artificial intelligence base and provide the Georgian economy with relevant services that will help develop its higher levels.”

Also attending the meeting was Deputy Minister of Economy and Sustainable Development Genadi Arveladze and Director of the Produce in Georgia program, Mikheil Khidureli.

Georgia and Japan are currently in the process of negotiating an Agreement on Protection and Promotion of Bilateral Investments between the two countries. In August, the 4th round of negotiations on the document was held in Tbilisi. Initial consultations between Georgia and Japan began in May 2017. The agreement is designed to facilitate investments between Georgia and Japan and will strengthen trade-economic ties, encouraging Japanese investors to consider Georgia as a strong, reliable investment option.

Japan is already one of Georgia’s most active investment partners. The countries have cooperated since 1997. From 2007-2017, Japanese investments in Georgia totaled $152.16 million. Investment has recently been ramping up: in the first quarter of 2018, Japanese investors invested $16.21 million in Georgia, up 96% from the first quarter of 2017.

By Samantha Guthrie

Image source: Ministry of Economy and Sustainable Development