Georgia, S. Korea Sign Pact on Economic Cooperation

Georgia and South Korea signed an agreement on Monday on promoting bilateral economic partnerships in the run-up to talks on an investment agreement.

The agreement was signed within the frames of the visit of the Minister of Economy and Sustainable Development of Georgia, Giorgi Kobulia, to the Republic of South Korea.

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. It will come into force in one month.

The agreement reads that 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.

The two countries will also 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.

Georgia’s Ministry of Economy reports that the deal 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,” Giorgi Kobulia stated.

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

By Thea Morrison