Economy Ministry: Merkel's Visit Has Great Economic Significance

The Ministry of Economy and Sustainable Development of Georgia released a statement yesterday evening after German Chancellor Angela Merkel met with Prime Minister Mamuka Bakhtadze. Deputy Minister of Economy, Giorgi Cherkezishvili, recognized the political significant of Merkel’s visit, but also emphasized its importance for the development of economic relations. While the Chancellor is in Georgia, she will be meeting with private companies who aim to introduce Georgia's investment potential to her.

Georgian-German business meetings will be held in a round table format August 23-24. The Ministry of Economy and Sustainable Development also met with representatives of the German business sector yesterday.

Cherkezishvili focused on the negotiations between Georgian Railway and Deutsche Bank. "Negotiations between the sides were began while the current prime minister was still the director of Georgian Railway, and now the process has moved to a more intimate stage. Representatives of Deutsche Bank will arrive within this visit and tomorrow we will meet with Georgian Railway,” Giorgi Cherkezishvili said on Thursday.

Cherkezishvili also emphasized the importance of the cooperation between German development bank KFW and the Georgian Water and Gas Corporation, which will be involved in the construction of a large underground gas storage facility. The project is a critically valuable contribution to Georgia’s economic and energy security.

Germany is one of Georgia’s most important trading partners, notes Cherkezishvili. Georgian exports to the EU have increased by more than 20% over the past seven months, of which 36% of Georgian exports went to Germany. "It is important that [Georgian exports are] diversified and include a wide range of products. During this visit it will once again be noted that Georgia is the best country in terms of reforms and investment attractiveness. This is our main priority, which we will reintroduce, and we will talk about these conditions with businesses” Cherkezishvili added.


By Samantha Guthrie

Photo: Ministry of Economy and Sustainable Development

24 August 2018 08:17 - economic terms, economic news, banks of the world