Levan Davitashvili at ITB Berlin: Georgia's Economy Records Double-digit Growth for Two Consecutive Years

Levan Davitashvili, the Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, announced at a press conference in Berlin that Georgia has maintained economic stability and achieved double-digit economic growth for two consecutive years, despite difficult geopolitical circumstances.

The country recorded 10.5% economic growth in 2021 and 10.1% in 2022. The press conference was held during the ITB Berlin 2023 international tourism exhibition, where Georgia is a host country and attracting significant interest.

Davitashvili spoke extensively about Georgia's economic trends, regional infrastructure projects, and liberal business and investment environment, noting that infrastructural spending, record exports, foreign direct investment inflows, and structural reforms contributed to the economic growth. He emphasized that Georgia's strong economic indicators were based on prudent macroeconomic decisions, sound structural reforms, and aspirations to harmonize the regulatory framework with EU policies, creating a solid foundation for the further improvement of the investment environment and private sector competitiveness.

Georgia has significantly developed free trade regimes and diversified them in recent years, according to Davitashvili. He explained that after signing the Deep and Comprehensive Free Trade Agreement (DCFTA) with the European Union in 2014, Georgia signed free trade agreements with the European Free Trade Association (EFTA), China, and the Special Administrative Region of China, Hong Kong, and joined the Great Free Trade Agreement between Great Britain from January 1, 2021. He said that Georgia enjoys free trade with 45 countries and has ambitious goals to become one of the best investment destinations globally, with low tax rates and liberal legislation for starting a business.

Georgia's slogan, "Boundless Hospitality," is the focus of the country's presentation at the ITB Berlin tourist exhibition, with a diverse program aimed at promoting the country's nature, culture, and hospitality. Over 80 Georgian companies are participating in the exhibition, which is the largest on the continent, with opportunities to showcase their products and services and establish international business contacts.

ITB Berlin is a highly regarded forum for the tourism sector, with over 10,000 companies represented each year and 17 million tourism professionals worldwide having access to it.