- Georgia Has become a member of WAIPA
Georgia has become a member of the World Association of Investment Promotion Agencies WAIPA through the application of Invest in Georgia. The platform will be used to share experience and best practices in terms of attracting and promoting foreign direct investment into the country.
The World Association of Investment Promotion Agencies is an international organization that acts as a forum for investment promotion agencies (IPA), provides networking and promotes experience sharing in investment promotion. WAIPA’s main mission is to facilitate and develop cooperation between its member agencies, share the experience of countries and regions in attracting foreign direct investment, and provide access to various sources of data.
· Georgia and Japan sings an agreement on Mutual protection of Investments
Georgian and Japanese authorities have signed an agreement on investment liberalization, promotion and protection that aims to encourage investment inflows from Japan to Georgia: “We will do our best to bring as many Japanese investors as possible into various fields of the Georgian economy to create new jobs especially in the post-Covid period, when we need active investments“, said Georgian Economy Minister Natia Turnava.
Japanese Ambassador to Georgia Imamura Akira noted that this agreement will be “a very good message to Japanese businesses that the business environment in Georgia has been improving more and more”.
Currently, there are 26 companies operating in Georgia with the participation of Japanese capital. According to Q3 2020 data, investments from Japan in the Georgian economy amounted to $15.4 million and the main investment sector was energy. In the spring of 2020 one of the largest Japanese energy companies, TEPCO Renewable Power (TEPCO RP), acquired 31.4% of the shares of Georgian hydropower company Dariali Energy.
- Georgia Prime Minister Chairs Investor Councils Meeting
At the 14th meeting of the Investor Council chaired by the PM of Georgia, Mr. Gakharia emphasized that given recession caused by the pandemic, the Government gives top priority to protecting jobs and assisting investors and local manufacturers.
The council reviewed the outcomes of 2020 and summarized implemented reforms. The meeting paid special attention to challenges posed by COVID-19 and steps taken to counter the pandemic-related recession. The discussions touched on the 2021-2022 action plan, with emphasis on reopening the economy, commencing to lift restrictions, and implementing the post-pandemic economic plan.
- Georgia increased Clementine, Apple Export
Georgia has exported 10,848 tonnes of clementines between August 1, 2020 and January 31, 2021 which is a 38% increase compared to the same period of 2019-2020. The volume of clementine exports is 23% more than it was in the same period of 2019-2020, while the value of exports increased by 15%. Georgian clementines were mainly exported to Russia (22,000 tonnes), to Armenia (8,300 tonnes) and to Ukraine (5,300 tonnes). In addition to these countries Georgian clementines were also exported to Moldova, Turkmenistan, Belarus, Lithuania, Slovenia, Tajikistan, Kyrgyzstan, Azerbaijan, the United States of America, Germany and Kazakhstan. In the same period Georgia exported 9,800 tonnes of apples, which is 13 times higher than in the same period of 2019-2020. By exporting this amount of apples Georgia generated $4.2 million.