ECONOMIC DIPLOMACY – AN INSTRUMENT FOR STRENGTHENING A COUNTRY’S ECONOMIC SECURITY
Gulnaz Erkomaishvili
E-mail: gulnazi.erkomaishvili@tsu.ge
Associate Professor, Ivane Javakhishvili Tbilisi State University
Tbilisi, Georgia
https://orcid.org/0000-0001-8202-5655
Abstract: In the context of globalization, economic diplomacy plays an important role in world trade, investment, and research activities. Its main goal is to improve business opportunities for national companies, minimize barriers, and increase the competitiveness and development of the national economy. Economic diplomacy is a primary instrument for implementing state foreign economic policy in the areas of trade and investment.
Economic security is crucial for the protection and enforcement of economic interests, as without appropriate economic security, the requirements of economic security (national interests, improving human well-being) cannot be met. Economic security requires a variety of means: modern equipment, technologies, information and telecommunications, etc. Economic security is closely linked to social and environmental security, as social instability jeopardizes economic development, and the lack of anticipation of environmental threats undermines the prospects for sustainable development.
The paper discusses the importance of economic diplomacy as a tool for strengthening a country's economic security. It emphasizes that economic diplomacy and economic security are closely linked and play an important role in the country's stability and development. Properly and wisely implemented economic diplomacy contributes to the country's economic security, growth, and international competitiveness. It aims to protect and strengthen long-term economic interests, strengthen the country's economic position in international relations, and protect the domestic economy. Economic diplomacy is an important tool for adapting the national economy to modern challenges.
The aim of the document is to assess Georgia's economic diplomacy as a tool for promoting stable economic security and to develop recommendations for its effective use.
Keywords: Economic diplomacy, Economic security, National security, International competitiveness, International trade.
JEL classification: Z1, O1
Downloads
References
Artemenko L. (2016) - The System of Enterprise Economic Security: International and Ukrainian Content, Kyev;
Baldwin D. A. (1997) - The concept of security, Review of International Studies;
Bergeijk, P. and Moons, S. (2017), Does economic diplomacy work? Ameta-analysis of its impact on trade and inestment, The World Economy, 40(2). https://doi.org/10.1111/twec.12392
Chitishvili N., Economic Security Policy: Theory and Practice, Tbilisi, Universal, 2025
Chohan, U. W. (2017). Economic diplomacy as a subject and research agenda: Practical, conceptual and methodological issues. Global Strategis, 11(1), 1–16.
Chohan, Usman W. Economic Diplomacy: A Reiew (January 7, 2021).
Erkomaishvili, G. Green Economy and Environmental Protection Economic Policy Challenges in Georgia. World Academy of Science, Engineering and Technology. International Journal of Economics and Management Engineering Vol:18, No: 06, 2024
Erkomaishvili, G. Khurtsia, L., Principles of the Formation of an Energy Center in Georgia and Development Prospects. Journal of Business and Economics, No. 2, 2023
Eurostat.com
Freeman, N. J., Bartels, F. L. (2004 )- The future of foreing investment in Southeast Asia;
Galaziuk, N., & Zelinska, O. (2024). Economic diplomacy in the system of supporting Ukraine’s foreign economic activity. Economic Forum, 14(4), 8-21. doi: 10.62763/ef/4.2024.08.
Georgian Foreign Policy Strategy for 2029-2022. https://mfa.gov.ge/Foreign-Policy-Strategy
Hrushynska, N. M. (2017). Implementation of economic diplomacy in the system of modern international relations: potential of creatiity and traditional approaches]. [Foreign policy and diplomacy: traditions, trends, experience], 24(3), 86–92 [in Ukrainian].
Hrytsenko, O. M., & Levchenko, O. V. (2017). Economic diplomacy: essence, Economy and state], (11), 4–9.
Jaiswal, K. P. (2016). The nature of economic diplomacy and foreign policy-making. In Economic Diplomacy of India in the 21st Century: Challenges and Opportunities (pp. 1–19). Springer, Singapore.
Levchenko, N. M., & Antonova, L. V. (2018). Ekonomichna dyplomatiia Economic diplomacy as
a guarantee of national security of the state, Scientific Bulletin of Polissia], (1(13), Part 2), 136–141.
Ioan-Franc V., Diamescu M. (2010) – Some Opinions on the Relation Between Security Economy and Economic Security;
Mamalyha, O. O. (2019). Transformation of economic diplomacy in international economic relations, Economy and forecasting, (2), 7–23 [in Ukrainian].
Schmidt, C., & Tauber, M. (2015). Wirtschaftsdiplomatie als Instrument der Außenwirtschaftspolitik: Eine empirische Analyse am Beispiel Deutscher Auslandsvertretungen.
Sharov, O. M. (2019). Ekonomichna dyplomatiia: osnoy, problemy ta perspektyy. NISD [in Ukrainian].
Shevchenko, O. V., & Kuzmin, O. V. (2017). Economic diplomacy of Ukraine: theoretical and practical aspects, Effective economy, (3).
Stepanenko, I. V., & Kovalova, I. V. (2016). Economic diplomacy: current state
and prospects of development, Economy and society], (5), 1050–1055.
Kharaishvili E. , Gechbaia B., Erkomaishvili G., Lobzhanidze M. and Natsvlishvili I.
Shipping policy of agri-food products and the formation of food markets in Georgia. MATEC Web Conf. Volume 339, International Conference on Sustainable Transport System and Maritime Logistics (ISTSML 2021Wysokińska A., Raczkowski K. (2013) - Economic Security in the Context of Sustainability, Kaunas;
Weiss, M., & Brauer, J. (2016). Wirtschaftsdiplomatie und nationale Sicherheit: Die Rolle Deutschlands in der globalen Ordnung.
Wolff, E. (2017). Finanz-Tsunami – Wie das globale Finanzsystem uns alle bedroht. 192. ISBN 978-3-00-057533-4.
_(1).png){kind=small}
.svg_1.jpg){kind=small}
.png)
