Abu Dhabi October 11 2023: Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE is close to finalising several new comprehensive economic partnership agreements (CEPA), with South Korea, Thailand, Chile, Costa Rica, Colombia, and Ukraine. He expected to complete the signing of the six new CEPAs by the end of the year.
Speaking to the Emirates News Agency (WAM) on the sidelines of a press conference to announce the UAE-Georgia CEPA, Al Zeyoudi said that the comprehensive partnership agreement with Georgia is the sixth for the UAE. He noted that Georgia has a strategic location and has achieved strong growth rates in the past three years that reached 10% in 2022.
He pointed to the significant growth in trade between the two countries and said that the agreement will help to accelerate and boost bilateral trade. He called on the private sector to take advantage of the opportunities available and use the agreement to establish a presence in the Caucasus region.
Al Zeyoudi said that trade between the two countries reached nearly $481 million last year, with growth of 115%. In the first half of this year, trade grew by 28% to reach $225 million. He expects trade to reach $1.5 billion in the next five years.
He also noted the strong growth of UAE investments in Georgia, which make the Emirates the sixth largest investor in Georgia globally, with a share of 5% of total foreign investment. He said that UAE investments are focused on infrastructure and hospitality.
Al Zeyoudi also noted that there is strong interest in the renewable energy sector, and that there are discussions underway for several projects.