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“Investment Treaty” intensively negotiated between Georgia and Japan

Business Materials 27 November 2020 13:16 (UTC +04:00)
“Investment Treaty” intensively negotiated between Georgia and Japan

BAKU, Azerbaijan, Nov. 27

By Tamilla Mammadova – Trend:

There has been significant progress in Japan-Georgia economic relations in the past year, both in terms of achievement of new agreements as well as actual economic relations, Embassy of Japan in Georgia told Trend.

"For example, official negotiations on so-called “Tax Treaty” (Convention between Japan and Georgia for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance) reached an agreement in principle, negotiations on the so-called “Investment Treaty” are being intensively negotiated. Japan would like to promote the economic exchange by concluding these treaties," the embassy said.

Furthermore, in 2020, a Japanese electric power company, TEPCO Renewable Power, acquired 31.4 percent of the shares in JSC Dariali Energy, a hydropower company in Georgia, the embassy noted.

According to the source, this is the company’s second investment in a hydropower project overseas. Supported by agreement with Electricity System Commercial Operator (ESCO), its annual energy generation accounts for about 4 percent of Georgia’s annual electricity consumption.

"At the same time, we are proud to say that JSC Dariali Energy was awarded the title of "The Best Water Project in Central and Eastern Europe" at the EMEA Finance ceremony in 2014 and also received Silver Award for "Environmental and Social Best Practice" from EBRD. This demonstrates that Japan is taking seriously the environmental and social impact of its investments in Georgia," the embassy noted.

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