AED 3.67 billion volume of mutual investments between the two countries
UAE-Georgia foreign trade to double in 2022 to AED 1.7 billion
The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, headed the UAE delegation participating in the UAE-Georgia Business Forum, which was held yesterday in the Georgian capital, Tbilisi, with the aim of promoting promising investment and trade opportunities in both the UAE and Georgia, promoting new economic partnerships between the business communities, and supporting communication between the public and private sectors in the two countries.
Al-Zeyoudi said that "non-oil foreign trade between the two countries doubled during 2022 to reach more than 1.7 billion dirhams (468 million US dollars), achieving a growth of 110% compared to 2021, while investment exchanges between the two countries exceeded 3.67 billion dirhams (one billion dollars), where UAE investments amount to 5% of the total inward foreign direct investment to Georgia, making the UAE the sixth largest foreign investor in Georgia at the global level."
He added that the two countries continue to work together to enhance cooperation and partnership paths through the Comprehensive Economic Partnership Agreement, which will contribute to the launch of a new era of economic relations between the two countries, raise trade and investment cooperation to new and competitive levels, and create more promising opportunities in vital and influential economic sectors, especially artificial intelligence, agriculture, tourism, transport, energy and other strategic sectors, in addition to enhancing the enablers of the private sector in the two countries, encouraging startups and pioneers. business to grow their businesses and projects, and improve their access to markets."
He explained that the Next Generation Foreign Direct Investment Initiative is an important and promising opportunity for Georgian companies wishing to expand and invest in the UAE, specifically in new economic sectors, including technology, artificial intelligence, electronic payments and smart applications, as this initiative contributes to providing an integrated set of enablers and advantages, including facilitating the movement of companies to the country, including accelerating the processes of incorporation, obtaining licenses, issuing visas, golden residency, and supporting the smooth and rapid transition of management. and employees, access to bank financing and commercial and residential rental incentives."
Al Zeyoudi reviewed the indicators and results of the UAE's economic growth, which exceeded the expectations of international institutions, most notably the arrival of non-oil foreign trade to the UAE for the first time in its history to more than AED 2.2 trillion in 2022, and the achievement of an unprecedented growth of 8.5% of GDP at constant prices during the first half of 2022, and the Central Bank of the United Arab Emirates raised its expectations for real GDP to reach 7.6% by the end of 2022, and 3.9% in 2023.
He pointed out that the UAE, thanks to the vision and directives of the wise leadership, is keen to enhance openness to the world and expand its economic and trade partnership with global markets, and from this point of view, the country continues to implement the program of global economic agreements, through which it signed 4 agreements with India, Israel, Indonesia and Turkey, and more agreements are being signed with other countries during the next stage, in a way that enhances the UAE's vision to build a prosperous and sustainable future for the national economy, and in line with achieving the goals of the vision «We are the UAE 2031». By doubling the GDP to AED 3 trillion, raising the value of UAE foreign trade to AED 4 trillion, and increasing non-oil national exports to AED 800 billion.
On the sidelines of the UAE-Georgia Business Forum, Thani Al Zeyoudi met with a number of ministers and officials in the Georgian government, led by the Deputy Prime Minister and Minister of Economy and Sustainable Development of Georgia, Levan Davichevli, and the Minister of Foreign Affairs, Ilya Darshiashvili, where the two sides discussed enhancing prospects for joint economic and trade cooperation, in order to enhance economic and investment ties during the next stage, and support increased trade and investment exchange.