Hungary plans to invest 350 million euros in Georgia

State Secretary for Foreign Affairs and External Economic Relations Peter Szijjárto is holding talks in Tbilisi on deepening economic and education-related ties between Hungary and Georgia.

Peter Szijjárto told Hungarian news agency MTI in the Georgian capital on Monday that during his visit, the parties would be signing a treaty on Hungarian-Georgian freight trade flow regulation, as well as an education and culture treaty. Thanks to the latter, 50 Georgian students will be able to participate in a scholarship programme organised under the aegis of the Opening towards the East strategy and study at Hungarian universities, predominantly engineering and agriculture.

Negotiations have also begun on a mutual investment protection agreement, in addition to which the two countries’ investment agencies and chambers of commerce and trade have launched talks on cooperation, said the State Secretary, who during the day met with Deputy Prime Minister and Minister for Economy Georgi Kvirikasvili, Minister for Agriculture Salva Pipia, Minister for Energy Kahi Kaladze and Minister for Foreign Affairs Maia Panddzsikidze, as well as with the leaders of the Georgian Development Agency and the local Partnership Fund.

Mr. Szijjárto highlighted that Georgia is an important country for the success of Hungary’s Opening towards the East strategy. Trade between the two countries exceeded USD 50 million last year and successfully increased by a further 10% during the first six months of this year.

According to the Hungarian State Secretary, negotiations were also held on Hungarian participation in large scale Georgian infrastructure investments. He added that during his meeting with Minister for Energy Kahi Kaladze, they discussed the possibility of Hungarian Electricity Ltd. (MVM) participating in the development of the Georgian high-voltage electricity network and the option for Hungarian firms to engage in the building of the Baku-Tbilisi railway and a new deep-sea harbour.