Startup
Posted: 4 weeks ago

Georgia to Grant Innovative Start-ups Tax Exemption Status for Three Years

The Georgian government is set to introduce a new initiative where innovative start-ups will be recognized with a special status, granting them exemption from all taxes for a period of three years, Prime Minister Irakli Kobakhidze announced during an event marking the 10th anniversary of the Innovation and Technology Agency.

"The introduction of new initiatives is crucial for further strengthening the innovation ecosystem. Among these, a particularly transformative decision will be the establishment of a status for innovative start-ups in Georgia, providing them with a three-year tax exemption. The government will soon table the relevant legislation," stated Kobakhidze.

To enhance Georgia's competitiveness on the global stage and fully leverage the country's scientific capabilities, the government has identified three primary technological directions: the development of artificial intelligence, advancements in phage technology, and innovations in agriculture.

"A special scientific group will be formed to integrate artificial intelligence across various sectors such as education, healthcare, and agriculture, addressing the modern imperative for AI development. Furthermore, recognizing Georgia's pioneering role and nearly a century of experience in phage research, we are uniquely positioned to contribute significant technological products in this arena at a time of rising global demand. Lastly, with a substantial portion of the Georgian population engaged in agriculture, our focus on agro-technologies aims to provide Georgian farmers with novel scientific and technological tools to boost their productivity and competitiveness," elaborated Kobakhidze.

In his concluding remarks, the Prime Minister commended the Innovation and Technology Agency's decade of achievements, highlighting its significant contributions to the country's economic progress and development. He extended his gratitude to the agency's leadership and staff, assuring them of the government's continued support and collaboration on future initiatives.