Abu Dhabi [UAE], October 26 (ANI/WAM): Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia Levan Davitashvili highlighted the importance of his country's participation in the Conference of the Parties (COP28), emphasising its significance as a global platform that brings together world leaders to address global climate challenges.
"Georgia aims to showcase its investment opportunities at COP28, particularly in sustainability and renewable energy, while seeking to engage the UAE business community," Davitashvili said in a statement to the Emirates News Agency (WAM).
He pointed out that there are successful examples of collaboration between the UAE and Georgia, especially in the renewable energy sector, noting that sustainable projects will play a vital role in fostering green economic growth.
Davitashvili stated, "We hope to make significant announcements during COP28 regarding joint projects in renewable energy development, which will undoubtedly contribute to addressing climate change, and we are confident that we will be able to make the necessary efforts to contribute to our climate agenda."
He underscored Georgia's dynamic economic growth, especially in 2021 and 2022, and its strong economic performance in the current year. Georgia's financial stability and conservative economic policies make it an attractive destination for UAE companies.
"When discussing future projects with the UAE, sustainability is always a consideration," he said, adding, "Georgia's unique biodiversity and nature, with over 40 per cent of its land covered by natural forests, make it an appealing prospect for sustainable development."
Davitashvili pointed out that Georgia is among the few countries with significant hydroelectric energy potential, and while they currently utilise approximately 25 per cent, there is substantial room for further exploration and expansion in hydroelectric power generation, highlighting potential investments between the UAE and Georgia.
He highlighted that 60 per cent of Georgia's energy mix is coming from renewable resources, adding that there is a substantial potential to increase this figure, especially in hydroelectric energy and integrating hydroelectric, wind, and solar energy into their grid.
He concluded, "These projects are crucial for the global climate agenda and reducing greenhouse gas emissions. They offer various opportunities for companies, and UAE companies like Masdar will undoubtedly be interested in our proposals. We have many years of cooperation and exploration of available opportunities, particularly after signing the Comprehensive Economic Partnership Agreement." (ANI/WAM)
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