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Korea, Georgia Sign Pact on Economic Cooperation

South Korea and Georgia signed an accord on promoting bilateral economic partnerships in the run-up to talks on an investment agreement.

The pact was signed by Korean Vice Foreign Minister Lee Tae-ho, Genadi Arveladze, in Seoul.

It paves the way for joint projects in various fields such as trade, tourism, industry and investment, as well as people-to-people exchanges between the two sides.

They plan to set up a joint committee for the effective implementation of the agreement, the ministry said.

“Through the signing of the accord with Georgia, economic cooperation between the two nations is expected to expand, including support for South Korean firms to launch businesses in Georgia,” it added.

Two-way trade totaled US$118.73 million last year, following steady growth from $59.16 million in 2014.

The two sides have also decided to start negotiations on an investment guarantee agreement at a mutually convenient time, the ministry said.