Shanghai Major Corporation CEFC China to Open Regional Office in Georgia

Dimitri Qumsishvili, the First Vice Prime Minister and Minister of Economics and Sustainable Development of Georgia, has met with CEFC China chairman Ye Jianming as part of his working visit to China. The meeting was held at the head office of the Chinese corporation in Shanghai.

At the meeting, the Vice Prime Minister talked about Georgia’s business and investment environment and put focus on the considerable growth in Chinese investors’ interest in the Georgian economy’s various sectors. Chinese companies successfully work in such fields as the housing sector, roads and infrastructure, infrastructure, and the banking sector.

China ranks fourth amongst Georgia’s major trade partner countries, and second amongst Georgia’s export markets with a 9% ratio in total exports of Georgia.

The parties also discussed the Chinese corporation’s interests in the Georgian economy. CEFC China showed readiness to open a regional office in Georgia to cover the region and Eastern Europe. Moreover, CEFC China is interested in making investments in the banking sector, power system and tourism business of Georgia.

At the meeting, the parties also discussed the export of Georgian wines to China that consistently grow every year. According to official statistics, in January-June 2016, China advanced to the 3rd position from 4th place among Georgian wine exporter countries and surpassed such countries as Russia and Ukraine.

In the first half of 2016, Georgia exported 1.9 million bottles of wines (0.75 liter) to China. The year on year growth marked 148%.

It should also be noted that Georgia will soon be represented on the Shanghai Region’s wine market, which is one of the major wine consumption markets.

The parties also put focus on ongoing negotiations with China over free trade agreement issues. The countries are successfully implementing the process and the agreement will supposedly be signed by the end of 2016. (cbw.ge)