Georgia-Hungary Intergovernmental Commission for Economic Cooperation convenes for sixth meeting
The Sixth Meeting of the Georgia-Hungary Intergovernmental Commission for Economic Cooperation was jointly chaired by Gennady Arveladze, Georgian Deputy Minister of Economy and Sustainable Development, and Tamás Vargha, Hungarian Deputy Defence Minister and Secretary of State.
The meeting reviewed prospects for deepening cooperation between Georgia and Hungary across various key sectors, including trade, investment, tourism, agriculture, environmental protection, energy, transport, innovation, education, science, and culture.
The two sides agreed that Georgia would provide Hungary with a special catalogue of investment projects and potential investors. Deputy Minister Arveladze noted that despite facing challenges, Georgia maintained economic stability and growth through infrastructure modernization, a competitive and favourable business environment, and a successful history of partnerships with regional countries.
Both parties highlighted the positive dynamics in trade between Georgia and Hungary, reporting a 47 per cent increase in trade turnover during the first quarter of 2025. Additionally, bilateral trade grew by 14 per cent, while exports surged by an impressive 93 per cent in 2024.
Arveladze emphasized the government’s commitment to ensuring that Georgian companies fully utilize the opportunities offered by the Deep and Comprehensive Free Trade Area (DCFTA).
The Georgian delegation also acknowledged the positive impact of WizzAir, the Hungarian low-cost airline, in promoting tourism development through an expanding network of destinations.
The significance of collaboration on the Black Sea Submarine Electric Cable project was underscored, as it is poised to enhance energy security not only for Georgia but also for the broader South Caucasian region.
Looking ahead, the Second Georgia-Hungary Intergovernmental Summit is scheduled for June 11-12 in Budapest. Gennady Arveladze expressed optimism that the summit will yield tangible results and further strengthen trade and economic relations between Georgia and Hungary.
