Georgia and Kyrgyzstan Refresh Economic Relations

The Chambers of Commerce of Georgia and Kyrgyzstan will activate trade and economic relations between the two countries and intend to contribute to the establishment of business contacts between the private sectors. The ministers of economy of both countries held the first meeting in Tbilisi and signed an economic and trade agreement on March 15.

During the meeting, the sides discussed the current situation and the prospects for future cooperation in trade, investment, energy, transport, tourism and agriculture fields.

“In particular, we have agreed to increase the investment potential in both countries and arranged direct flights. Besides economic relations, we discussed student exchanges and the protection of intellectual property issues,” said Dimitry Kumsishvili, Minister of Economy and Sustainable Development of Georgia. “The first trade agreement between Georgia and Kyrgyzstan was sighed in 1997. Thus, it is natural that today it requires an update,” he added.

According to the agreement, the parties will develop cooperation between businesses to establish comprehensive economic relations, exchange information on current economic processes and organize events in different formats in order to present the export and investment potential of both countries.

“We intend to focus particular attention on the energy sector, including investments in small hydropower plants. Since Georgia and Kyrgyzstan are both mountainous countries, it is one of our interests,” said Minister of Economy of Kyrgyzstan, Arzybek Kozhoshev.

Moreover, the Minister noted the importance of establishing relations in the agricultural and tourism sector, as it is also a priority for Kyrgyzstan. “Georgia shows excellent performance in tourism, so we think its example and experience will be very useful for us,” said Kozhoshev.

According to the National Statistics Office of Georgia (Geostat), foreign trade turnover between Georgia and Kyrgyzstan amounted to approximately USD 8.4 million in 2015. The exports amounted to USD 6.7 million and imports USD 1.72 million.

The ministers announced that their next meeting will be held in the Kyrgyz capital Bishkek.

Eka Karsaulidze

18 March 2016 09:09