Bangladesh hopes to explore a new market for garment products in Georgia as it's an important country in Europe. Bangladesh sees Georgia as a huge market especially for medicine and agriculture. Power and pharmaceuticals are other areas.
Georgia has an unique geographical position in terms of communicating with European Union countries. Georgia provides duty-free access to Bangladeshi products. Bangladesh’s exports to Georgia currently stand at nearly a million dollars and this will progressively get bigger.
Trade is extremely important to Georgia’s economy; the value of exports and imports taken together equals 110 per cent of GDP. The average applied tariff rate is 0.7 per cent. There are some restrictions on foreign ownership of agricultural land. With the banking sector growing and modernized, access to financing has improved. Capital markets continue to evolve.
Russia invaded Georgia in 2008 and continues to occupy its South Ossetia and Abkhazia regions, which make up about 20 per cent of Georgia’s territory. Georgia has maintained strong momentum in liberalizing economic activity while taking steps to restore fiscal discipline. Public debt and budget deficits remain under control. Open-market policies, supported by competitively low tax rates and regulatory efficiency, have facilitated flows of trade and investment.