Economic development minister signs cooperation pact with Georgian partner

The two sides agreed that relations between Hungary and Georgia should be deepened and broadened, with special focus on future-oriented technologies such as artificial intelligence and Industry 4.0 solutions. Bilateral trade has come close to 90 million US dollars and the aim is to increase this further, it said.

The agreement focuses on the application of emerging digital technologies in industry, cooperation in the development of AI, the data economy, Big Data, 5G networks, BlockChain and drone technologies, partnership in workforce training policies and sharing best practices, industrial cooperation in railway and road vehicle manufacturing and in the pharmaceutical and medical equipment sectors.

During the day, the two countries’ finance ministers signed cooperation agreements on electronic taxation and debt management in Tsinandali, the Hungarian finance ministry said.

Under the agreement on e-taxation, Hungary will share know-how with Georgia on processing personal income tax returns, tills connected to the tax office and new methods regarding vehicle taxes.

Measures rolled out by Hungarian tax authorities to put a squeeze on the grey economy that have garnered international attention could benefit Georgia’s tax office, too, the Hungarian finance minister said.

The agreement on an exchange of experience regarding Hungary’s strategy to boost the share of state debt held by households could encourage Georgia to weigh a similar scheme, Mihaly Varga added.