BAKU, Azerbaijan, April 27
By Tamilla Mammadova – Trend:
Kazakh – Georgian Economic Union will allow resolving the current barriers, which will contribute to deepening economic and cultural relations, Giorgi Jakhutashvili, Honorary Consul of the Republic of Kazakhstan to Georgia told Trend.
The Kazakh - Georgian Economic Union was established on March 26, 2021, under the joint initiative of the Kazakhstan Embassy in Georgia and Kazakh – Georgian businesses. The main mission of the union is to deepen economic and commercial relations between the two countries and implement joint activities focused on investments, tourism, and social and cultural events.
Assessing the role of Kazakh Investments in the Georgian economy and the potential of Georgia after 2020, he noted, that in general there is no alternative for foreign investments in the development of the Georgian economy, and the 2020 year COVID-19 crisis stressed this point even further.
"All countries turned into competitors of the investment markets in recovering economies. The year 2020 is not the best period to assess the volume of investments," he said.
According to Jakhutashvili, the Kazakh investments in Georgia have been made since 2006 and its amount based on the National Statistics Office (Geostat) data approximates $240 million, which has its multiplication effect and generates nearly 5 percent of GDP.
"This figure is sufficient to evaluate the role of Kazakh investments in the Georgian economy. Stable development of Georgia requires annually $2 billion of foreign direct investments," he noted,
The founders of the Kazakh – Georgian Economic Union are business companies and corporations operating with Kazakh Capital in share on the Georgian market: Silk Road Group, Halyk Bank Georgia, Capitol Group, Rompetrol, Batumi Oil Terminal, Air Astana, and GK Logistics. There are up to 30 companies operating with Kazakh Capital in Georgia with a total investment of $450 million.
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