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Foreign Direct Investment Exceeded $ 1 Billion 150 Million in 2014

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.