Economy
Posted: 6 months ago

Investors Council Members Intend to Support Government of Georgia in Developing New Investment Strategy

Investors Council Members will support the Government of Georgia in developing a new Investment Strategy of the country.

Intention was discussed at the Investors Council Meeting today, which was led by Maya Tskitishvili, Deputy Prime Minister and Minister of Regional Development and Infrastructure of Georgia in the format of a video conference.

Investors Council Members will get engaged in designing steps together with the Government of Georgia that will need to be made for attracting new foreign investments to the country.

General economic trends and current situation in Georgia stemming from the global pandemic were reviewed during the video conference, along with measures envisaged in the upcoming phase of the Anti-Crisis Plan to be unveiled this Friday by the Government of Georgia.

Discussions were also related to the gradual measures taken within the Anti-Crisis Plan. Deputy Prime Minister of Georgia once again expressed her gratitude to the International Financial Institutions (IFIs) and donor agencies, close cooperation with which has presumably led to the attraction of external financial resources in the total volume of 3 BLN USD for the economy of Georgia.

Focus was made at the Investors Council Meeting on the economic recovery measures to be implemented at the post-crisis stage. It was noted that authorities will be consistent both in making anti-crisis steps and in developing a post-crisis plan, thereby continuing active coordination with international partners.

Investors Council also discussed the steps to be made for letting Georgia gain its place in the global competition of economies at the stage immediately following the fight against the epidemics. It is believed that Georgia should benefit of arising opportunities to develop new venues in the country and attract more foreign investments.

Giorgi Cherkezishvili, Head of Investors Council Secretariat, commented: "At present one of the priorities is to support the Government to gradually open the economy and address the most pressing issues the private sector faces in order to minimize the impact of the crisis on the private sector and economy. At times like this, the Investors Council platform of cooperation between the public and private sectors proves to be invaluable. I would like to thank all our members for their commitment and cooperation.

Catarina Bjorlin Hansen, EBRD Regional Director for Caucasus said: "In the current crisis, effective communication between the authorities and businesses is extremely important to support the gradual opening up of the economy, once the health situation allows. We see genuine engagement from both the Government and the private sector in this regard. During these difficult times, it is also important to look forward. FDI considerations are expected to change, and Georgia can capitalize on numerous emerging competitive advantages. The Investors Council will create working groups to support in this process".