Azerbaijani entrepreneurs to join Georgia's Investment Forum
By Victoria Moiseyeva
The Asian Development Bank and Georgian Economy and Sustainable Development Ministry will hold the first International Investment Forum in Tbilisi from October 29 to 30.
The event will bring together up to 300 high ranking governmental and business representatives from Asian countries and beyond. Azerbaijani entrepreneurs are also invited to participate in this event.
The world economic trends and outlook for upcoming years will be discussed during the forum. Also the forum includes topics such as manufacturing, transportation and logistics, energy sector, tourism and retail.
Georgian Prime Minister Irakli Garibashvili, Vice-president of the Asian Development Bank Wencai Zhang, President of the European Commission Jose Manuel Barroso will attend the forum.
The trade turnover between Azerbaijan and Georgia amounted to $372.02 million in January-July, 2014, according to the Azerbaijani State Customs Committee. Azerbaijan imported Georgian products worth $55.93 million. Meanwhile, Georgia imported goods worth $316.09 million.
Last year, the volume of direct investment into the Georgian economy increased by 60 percent. Azerbaijan invested $89.9 million to Georgia in 2013, thereby ranking fourth among the largest investors in Georgia.
The Netherlands ranked first in the foreign direct investments with a 16 percent share in total foreign investments in the Georgian economy. Luxembourg had a 15 percent share, China - 10 percent.
Georgia is expected to receive up to $700 million in the form of investment within five years as a result of the implementation of the second phase of Shah-Deniz project. This project is significant in ensuring the energy security of Europe. It will completely change the energy map of Europe in the near future. Around 2.000-3.000 jobs will be created in Georgia. After increasing the capacity of the gas pipeline to 16 billion cubic meters of gas, five percent of them will remain in Georgia.