I suppose you are missing this part in controller:
$this->request->data['Order']['billing_country'] = ....;
in order to pass selected value to the view....
edit: In view you have to also add default value like this:
<?php
echo $this->Form->input('geoCountries', array(
'class' => 'span3',
'label' => 'Billing Country',
'name' => 'data[Order][billing_country]',
'id' => 'OrderBillingCountry',
'type' => 'select',
'default' => $this->data['Order']['billing_country']
));
?>