Georgia Opens a Door of Opportunities
Despite an expected slowdown in Georgia’s GDP growth, business opportunities in the country are enormous. According to the World Bank, Georgia's GDP will grow by 7.5 percent in 2024, but it will slow down to 5.2 percent in 2025 and 5 percent in 2026. The recent visit of a high-level delegation from the Federation of Saudi Chambers (FSC) can be translated into the same chunk of opportunities in the country. Led by FSC Chairman Hassan bin Mujib Al-Huwaizi, the delegation included over 65 business leaders and representatives from various economic sectors, alongside government agencies.
FSC aims to significantly increase trade volumes between the Kingdom and Georgia as well as Azerbaijan. However, the Kingdom only clocked SAR 50 million in trade volume in 2023, while it amounted to SAR 162 million with Georgia. This visit is expected to uncover substantial untapped investment opportunities. Commenting on the occasion, Georgian Economy Minister Levan Davitashvili said, “Cooperation between the two countries in trade and investment is crucial. We have discussed potential investment opportunities in Georgia with specific businesses. I believe making these investments can attract additional foreign investment and create more business opportunities.” A memorandum of understanding was also signed between Medical Bridge, Polymer Solution, and Gulf Pharma within the Forum, which the Ministry of Economy said was expected to result in an investment of over €50 million in Georgia. This special issue of CEO Insights is delving into the business leadership realm of Georgia, and we have curated a few interesting stories. We hope it inspires you. Do let us know your thoughts.