The Deputy Minister of Economy discussed projects aimed at bolstering the country`s strategic position in the wider region during a meeting with Florian Frauscher, Director General of Economic Affairs, Innovation, and International Policy at the Austrian Ministry of Economy and Labour.

"We also discussed projects that will enhance our country`s strategic importance in the region, including the Black Sea submarine cable and a digital cable that will reinforce Georgia’s role as a regional hub… It is important that Austria is an important contributor to our country, particularly in reforming various economic sectors and sharing valuable experience", - said Genadi Arveladze.

The meeting highlighted the importance of the Intergovernmental Economic Commission between the two nations, with its next meeting scheduled for October. Plans for hosting a business forum to facilitate cooperation between companies from both countries are also in place.

The meeting revealed Austrian investors` "increasing interest" in Georgia, with ongoing investment projects in logistics, energy, food production, and tourism.

Frauscher noted the potential for collaboration in infrastructure and green energy, expressing his anticipation for a visit to Georgia later this year alongside a business delegation for further strengthening economic and political ties: "We see great potential in the infrastructure and energy sectors. Our countries are investing heavily in green energy, and we seek collaboration in this area".

Tourism cooperation also came under the spotlight in the meeting, with the sides noting a marked increase in Austrian travellers to Georgia – 48% rise in 2023 and 14% forecast for 2024. The surge in tourism was attributed to the introduction of a new direct flight and Austrian Airlines` entry into the Georgian market, alongside a focus on developing mountain tourism.