In recent years, Georgia and Spain have deepened their economic relationship, underpinned by growing investment, targeted partnerships, and shared interest in infrastructure, water, and tourism development. Spanish investment in Georgia has surged, signaling a long-term commitment with significant room for expansion.
Georgia attracted USD 2.10 billion in FDI in 2022, with Spain accounting for about USD 360-370 million, making it the second-largest EU investor, behind the UK. During Q1 of 2022, Spain briefly became Georgia’s top investor, contributing $196 million, a testament to the growing confidence in Georgia’s market potential and the increasing significance of Spanish investment in Georgia. Georgia’s total trade in 2023 reached $21.53 billion (up ~12.5% from 2022). Approx. USD 80.73 million in exports from Georgia were to Spain in 2023. In March 2025, Spanish exports to Georgia totaled €11.2 million, while Georgian exports to Spain reached €7.7 million, resulting in a positive trade balance for Spain.
As for Spain’s investment footprint in Georgia, the most prominent example of Spanish investment in Georgia is Aqualia Georgia, the subsidiary of Spanish multinational Aqualia, which acquired 80% of Georgian Water & Power (GWP) in 2022. The deal, valued at approximately $180 million, marked one of the most significant privatizations in Georgia’s utility sector. Aqualia’s entry into the Georgian market represents more than a single transaction – it introduces advanced water management standards, facilitates critical infrastructure upgrades, and highlights the attractiveness of Georgia’s utilities sector to high-caliber European investors. With plans to acquire the remaining GWP shares by 2025-2026, Aqualia is set to become a long-term anchor investor in Georgia’s public services landscape and a cornerstone of Spanish investment in Georgia.
For instance, in a decade, the export of agri-food products has indeed increased by 147%.This means that the amount of Georgian food that met above-said standards increased significantly, meaning more products could legally enter and compete in the EU market, reinforcing the strength of Georgia-EU trade.
Beyond water infrastructure, Spanish investment in Georgia has untapped potential in several strategic sectors. Financial Services represented the largest share of FDI in 2023 (39.5%). Manufacturing and Transport accounted for 18.3% and 8.7% of total inflows. Tourism Infrastructure – Georgia’s rising profile as a Black Sea and mountain destination aligns with Spain’s global leadership in hospitality, creating fertile ground for future investment. Agribusiness and Viticulture – Georgia’s premium wine industry and EU-aligned sanitary standards offer opportunities for Spanish importers. While only a few Spanish companies currently have direct investment in Georgia, the sectoral alignment is clear and the entry points are growing.
As the leading platform for fostering economic relations between Georgia and Spain, the Spanish-Georgian Business Alliance (SGBA) plays a central role in advancing Spanish investment in Georgia. For the Spanish-Georgian Business Alliance (SGBA), the Georgia-Spain economic relationship is more than bilateral trade – it is a strategic opportunity to align Georgia’s growth trajectory with high-value European capital and expertise. While Spain’s rising FDI reflects confidence in Georgia’s market fundamentals, SGBA serves as a critical catalyst for scaling that engagement. By bridging Spanish investors with Georgian sectors such as infrastructure, tourism, and water management, SGBA can transform investment momentum into long-term partnerships. Beyond matchmaking, SGBA supports regulatory alignment, promotes investment success stories like Aqualia’s acquisition of GWP, and advocates for deeper institutional cooperation. SGBA can ensure that Spanish investment in Georgia becomes not just a flow of capital, but a pillar of Georgia’s European economic integration.