Foreign direct investment (FDI) has exceeded $ 1 billion 150 million in 2014 – predicts Director of the Georgian National Investment Agency George Pertaia. According to him, due to the factors contributing to GEL stability, tourism has not significantly increased.
Remittances and exports have reduced, foreign direct investment is the only one that is growing, so more work is needed. As for the Vice Prime Minister’s announcement of investment promotion, in Pertaia’s words, this is a complex issue and should be worked out by the government’s economic team. In the three quarters of 2014, FDI amounted to USD 924 million. The government’s annual forecast is USD 1 billion.
“We expect FDI will not be abnormally large in the 4th quarter as well as in the 5th quarter, but I think there will be an increase and a volume of FDI will exceed 1 billion 150 thousand, which is a very good result. A way the current account deficit is financed also influence the GEL rate. Only foreign direct investment rises from these components. Tourism has not significantly increased, or is not growing at all, but at the same time has not reduced, as a minimum, while emitters have reduced, foreign direct investment is increasing, and I think it needs specific warning and more importantly, more work. We are not talking whether it is sufficient or not. We do not speak about this, because if FDI amounted to 2 billion, of course, it would more significantly contributed to economic growth and the reduction of unemployment, but at this point, what we have is also a very good result,” – Director of the Investment Agencynotes.