CEPA With UAE Enhances Georgia's Economic Cooperation And Trade Opportunities

The Comprehensive Economic Partnership Agreement (CEPA) between Georgia and the UAE has marked a significant milestone in their bilateral relations. This agreement, effective from June 2024, aims to enhance trade and investment connections. Georgia’s Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili, emphasised its importance at the "Doing Business with Georgia" forum organised by the Dubai Chamber of Commerce in Tbilisi.

Nadareishvili pointed out that CEPA reflects Georgia's dedication to strengthening economic ties with the UAE across various sectors. The agreement has opened doors for joint ventures in technology, food processing, metals, chemicals, and pharmaceuticals. This partnership is seen as a testament to Georgia's commitment to fostering economic cooperation with the UAE.

Eagle Hills’ substantial US$6 billion investment in two major real estate projects in Georgia underscores Emirati investors' confidence in the Georgian economy. Nadareishvili also highlighted Georgia’s extensive network of free trade agreements. These agreements provide duty-free access to over 2.3 billion consumers across markets such as the EU, UK, China, Türkiye, and the Commonwealth of Independent States (CIS).

Ongoing infrastructure projects are crucial for positioning Georgia as a regional hub for trade and energy. Key projects include the Anaklia Deep Sea Port, the Black Sea Submarine Cable Project, and the new Tbilisi International Airport. These developments are expected to significantly enhance Georgia's connectivity and economic standing in the region.

Giorgi Pertaia, President of the Georgian Chamber of Commerce and Industry, noted the rapid growth in relations with the UAE. He stated that the forum represents a significant step towards strengthening cooperation in tourism, real estate, renewable energy, agriculture, and advanced industries. This collaboration is expected to bring mutual benefits to both nations.

The Dubai Chamber of Commerce showcased Dubai’s strengths as a global investment hub during the forum. The emirate boasts advanced infrastructure, an enabling regulatory framework, efficient digital government services, and a strategic location. These factors make Dubai an attractive destination for global investors seeking opportunities.

This growing partnership between Georgia and the UAE is set to foster stronger economic ties through collaborative efforts across various sectors. Both countries aim to leverage their strengths to create mutually beneficial opportunities for growth and development.

With inputs from WAM