Government Plans to Establish Financial Centers at Tbilisi Sea and Gonio
The government has an idea to create 2 financial centers.
According to Prime Minister Irakli Gharibashvili, one financial center will be established near the Tbilisi Sea, which will be located on 110 hectares of land. A similar center is planned to be established in Adjara on the territory of Gonio.
"We are planning to set up a more multifunctional center in Gonio. We have started working actively on this and we want to create a financial center here. Special financial zones will offer international companies a legal regime based on common law principles, as well as liberal regulatory and fiscal regimes based on best international practice. A significant part of the staff of international companies operating in the financial zones will be Georgian citizens, which will allow them to have special professional and career development," Irakli Gharibashvili said.
According to the Prime Minister, the creation and development of international financial zones will help attract investment, create new jobs, share modern financial and technological innovations, and establish the country as a regional financial center.
"According to our calculations, the creation of special financial zones will significantly promote Georgia as a country with a developed financial infrastructure in the region and the world, and Georgia will become our regional financial center. Our financial zones will focus on international financial companies operating asset management. In the fields of fintech, commodity trading, capital management and other fields, and finally, of course, we assume that the launch of these financial centers will significantly contribute to the development of the capital market, which is one of the priorities of our country's economic policy," said Irakli Gharibashvili.
According to the Prime Minister, he has signed a contract with a financial group - Rothschild & Co - to create financial centers. The company delegation will visit the country in 1 week.