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Foreign Direct Investments Hits Record High in Georgia

By Tea Mariamidze
Tuesday, December 12
(TBILISI)--Georgia has seen record highest foreign direct investments (FDIs) during the first three quarters of 2017 at $1.346 billion.

Foreign investors have invested $177.8 million in transportation and communication, $116.2 million in construction and $72.3 million into energy.

According to GEOSTAT, Georgia attracted $594.5 million FDIs in Q3 of 2017, which is a 17.6% increase compared to the same period of the last year.

The top investor countries in Q3 are Azerbaijan at $154.1 million, Turkey with $138.6 million and the United Kingdom - $63.4 million.

“If we look at statistics of three quarters, we will see that we have never had such high foreign direct investment in Georgia,” said Finance Minister Mamuka Bakhtadze.

Free trade agreements between Georgia and the EU entered into force in July 2016, when a bilateral Association Agreement (AA) took effect.

The AA included provisions for the establishment of a Deep and Comprehensive Free Trade Area, which increased market access between the EU and Georgia.

Free trade negotiations between Georgia and China have been ongoing since 2015. In May, a deal was finalized making Georgia the first country in the region to come to terms with Beijing.

Georgia also concluded trade agreements with the Turkey, the Commonwealth of Independent States (CIS), and the European Free Trade Association.