Saudi Arabia, Georgia agree on matters related to economy, energy in joint statement

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Saudi Arabia and Georgia issued a joint statement Thursday agreeing on a number of matters related to the economy, investment, energy and security, marking the end of Georgian Prime Minister Irakli Garibashvili’s visit to Riyadh.

Garibashvili, who arrived in Saudi Arabia on Wednesday, held official talks with Saudi Crown Prince Mohammed bin Salman in the presence of delegations of senior officials from both sides.

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The talks kicked off with the Georgian prime minister saying that his country supports the Kingdom’s bid to host 2030 World Expo, expressing his trust in the Kingdom’s ability to host an event that would provide visitors with a full-fledged experience. This move received appreciation from the Crown Prince, a joint statement carried by the official Saudi Press Agency (SPA) said.

Economy and investment

Touching on matters related to the economy and investment sectors, both sides underscored the importance of strengthening trade between their two nations and raising the level of mutual and joint investments. They also agreed on taking advantage of the investment opportunities provided by the Kingdom’s Vision 2030 and of Georgia’s developmental priorities in various promising fields such as renewable energy, agriculture, production and tourism.

“During the talks, both sides praised the pivotal role that the private sector is playing in the economic cooperation between the countries where they agreed on the importance of creating suitable investment conditions for the private sector in both countries,” the statement said.

Saudi Arabia and Georgia also agreed to increase mutual visits and to hold periodic investment and business forums.

“They also underscored the need to urge entrepreneurs from both sides to take advantage of the investment opportunities available in both countries and consequently translate them into tangible partnerships.”

The two leaders also agreed to form the joint Saudi-Georgian Business Council.

Energy and climate change

As for the energy sector, both sides expressed their intention to strengthen cooperation in different fields including the renewable energy sector, innovative uses for hydrocarbon resources and energy efficiency.

Georgia, on the other hand, welcomed Saudi Arabia’s efforts in mitigating the impact of climate change and offered support for the Kingdom’s Saudi Green Initiative (SGI) and The Middle East Green Initiative.

Touching on the oil markets, “both sides agreed on the importance of stability in the global oil market” where the Georgian side welcomed the Kingdom’s efforts in maintaining the market’s balance.

Security cooperation and external affairs

The Saudi and Georgian officials also expressed their interest in leveling up bilateral cooperation and coordination in combating all forms of crimes, including the exchange of expertise and training.

“They also agreed on exerting more effort into maintaining international stability and peace” and agreed on maintaining support and coordination in global forums such as at the International Monetary Fund (IMF) and the World Bank.

The officials also exchanged opinions regarding regional and international matters where discussions touched on the situation in Yemen and Ukraine.

“Regarding the Yemeni situation, the sides underscored their full support for the UN efforts exerted to reach a comprehensive political solution to the Yemeni crisis. The Georgian side praised the Kingdom’s initiative to end the war in Yemen as well as its efforts aimed at encouraging dialogue between Yemeni parties,” the statement said.

The two sides also stressed the importance of supporting the Yemeni Presidential Leadership Council, “to enable it to perform its duties and reach a political solution to the Yemeni crisis in accordance with the Gulf initiative and its implementation mechanisms, the outcomes of Yemeni National Dialogue, and Security Council Resolution No. 2216.”

As for the Ukrainian-Russian crisis, both sides highlighted the importance of settling disputes through peaceful means and exerting all possible efforts to reduce escalation in a way that contributes to restoring security and stability.

The Georgian side expressed its appreciation for the humanitarian and political efforts made by the Saudi Crown Prince “in providing humanitarian aid to Ukraine, and releasing number of war prisoners of different nationalities besides the continuous efforts in this regard,” the statement said, adding that the Georgian side also praised the Kingdom’s $400 million additional humanitarian assistance package for Ukraine, which will contribute to alleviate the suffering of the Ukrainian people.

During the talks, the Saudi and Georgian delegations agreed on strengthening cooperation in the industrial and mining fields in a manner that benefits both of their interests.

They also agreed to boost bilateral cooperation in the fields of agricultural, transport, aviation, tourism, technology, health and education.

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