News & Media

Hungary plans to invest 350m euro in Georgia

Posted on: 30 Sep 2013

Irakli Kovzanadze, Executive Director of the Partnership Fund (PF) met with Péter Szijjártó, Hungary's State Secretary for Foreign Affairs and External Economic Relations. Mr. Kovzanadze presented the PF’s mandate and opportunities to the Norwegian delegation. It should be noted that Mr. Szijjártó is well informed about the Georgian economy as he is the head of a bilateral economic intergovernmental committee between Hungary and Georgia. The Hungarian side expressed its interest in deepening bilateral economic ties between Hungary and Georgia. According to Mr. Kovzanadze, meeting with the Hungarian delegation has been fruitful and important. "Our colleagues are familiar with the current situation in Georgia; actually, their interest to expand cooperation with us has been confirmed today. I think it is a very positive signal. Mr. Szijjártó expressed his special interest in the PF’s opportunities regarding infrastructural and energy projects. Namely, we discussed Hungary’s opportunity to participate in development of Georgia’s railway infrastructure and Georgian State Electric System (GSE). It’s very important that Mr. Szijjártó confirmed the readiness of the Hungarian Export-Import Bank to earmark 350 m euro to those companies which will invest in Georgia,” Mr. Kovzanadze said. According to Mr. Szijjártó, the Hungarian side is observing economic developments in Georgia with interest. "We have had and maintain very intensive contacts with the Georgian government under the bilateral economic intergovernmental committee. Today we have become familiar with the opportunities of the PF and I can say that we are going to take rather important initiatives in the fields of energy, infrastructure as well as agriculture. We have agreed that Georgian side will also take the initiatives. Obviously, sharing experience and information will help intensify economic cooperation between Georgia and Hungary," Szijjártó, the head of Hungarian Delegation noted. According to Mr. Kovzanadze, a decision was made to organize Hungarian–Georgian business forum under the aegis of the Partnership Fund in Tbilisi in December. Every interested company and business entity both from Georgia and Hungary will be invited to participate. He noted that all preconditions have been prepared to expect major Hungarian investments coming to Georgia this year already and in particular, starting from next year.