Page 27 - GEORptOct20

5.3​ FTAs
Georgia seeks free trade agreement with GCC
Georgia wants a free trade agreement with the the Cooperation Council for the Arab States of the Gulf (aka the Gulf Cooperation Council, or GCC) Natia Turnava, Georgia’s minister of economy, said after meeting Abdullah Al-Mutair, Saudi Arabia's ambassador to Georgia.
According to Turnava, trade and economic cooperation between the two countries were discussed at the meeting.
"The meeting highlighted the fact that Georgia is interested in concluding a free trade agreement with the Cooperation Council for the Arab States of the Gulf. It was noted that despite the growing trade between Georgia and the member states of the Arab countries in recent years, existing potential has not been fully used and there are more opportunities for the development of bilateral trade," the Georgian economy ministry said in a statement.
The GCC includes the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Qatar, the State of Kuwait, the Sultanate of Oman and the Kingdom of Bahrain.
6.0​ Public Sector 6.1​ Budget
Georgia drafts crisis plan with focus on supporting residential real estate
Prime Minister of Georgia Giorgi Gakharia has unveiled a fourth anti-pandemic impact crisis plan. Worth Georgian lari (GEL) 434mn ($135mn), it is aimed at supporting the construction and development sector of the country, particularly the residential segment.
The plan has been criticised for utilising public money to support already profitable businesses, thus not addressing the needs of low-income population segments. The previous plans referred to the tourism, agriculture and education sectors.
The plan will have four dimensions: subsidies for mortgage loan interest rates; state guarantees for mortgage loans; purchasing of apartments for internally
27​ GEORGIA Country Report ​October 2020 ​ ​www.intellinews.com