Hungary

Hungarian Finance Minister Emphasizes Strengthening Economic Relations with Georgia in Tbilisi Meeting

Finance Minister Mihaly Varga recently met with the Georgian Finance Minister Lasha Khutsishvili in Tbilisi to discuss the strengthening of bilateral economic relations between the two countries. The Hungarian minister highlighted the successful agreements on the avoidance of double taxation, customs procedures, tax authority cooperation, and the exchange of experiences that have been concluded in recent years.

He also mentioned the increasing success of Hungarian companies entering the Georgian market, particularly in supplying pharmaceutical, vehicle, and machinery products. Trade between the two countries has seen a significant increase, with bilateral trade up by 12% and Hungarian exports up by 17% in the first eight months of this year.

During the meeting, Minister Varga mentioned Georgia’s interest in Hungarian experiences in combating tax evasion and managing debts. Hungary is assisting in the development of the Georgian tax system through a cooperation agreement on e-taxation, sharing its expertise in areas such as pre-filled personal income tax returns, online cash registers, and vehicle taxes.

In a separate meeting, National Economy Minister Márton Nagy met with Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili to discuss further expanding economic cooperation between Hungary and Georgia. Minister Nagy congratulated the ruling party on their victory in the Georgian parliamentary elections and emphasized the importance of strengthening bilateral ties.

Both sides acknowledged the positive developments in cooperation between the two countries, particularly in sectors such as energy, pharmaceuticals, and food industries. Hungary views Georgia as a valuable trade partner, with bilateral trade volume showing a 12% increase this year. Minister Nagy expressed Hungary’s support for Georgia’s aspirations to join the European Union, highlighting the potential for further economic collaboration not only for Hungary but for the EU as a whole.

Overall, the meetings between Hungarian and Georgian officials underline the commitment to enhancing economic relations and fostering mutual cooperation for the benefit of both countries and the broader European community.

 

Hostinger

Pools Plus Cyprus

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