Georgia creates favourable conditions for SMEs

Georgia is taking measures to further develop small and medium-sized enterprises (SMEs) in the country, support entrepreneurs, improve regional markets and increase local salaries to create a better, stronger Georgia.

Georgia’s Ministry of Economy announced it would provide 5,000 GEL to beneficiaries of the ‘Micro and Small-Sized Enterprise Promotion’ program and exempt them from income taxes.

The 26-month program, which launched in October, 2014, was a new component of the ‘Produce in Georgia’ state program.

The initiative was discussed at today’s Governmental meeting. It was revealed the Government had allocated a total sum of 6.5 million GEL for beneficiaries of the ‘Micro and Small-Sized Enterprise Promotion’ program.

After the meeting Georgia’s Economy Minister Dimitri Kumsishvili said there were 1,300 registered beneficiaries of the program, of which 500 had have already signed the agreement while more than 100 beneficiaries (from the 500) had already received 5,000 GEL each in support.

At this stage we are in the process of signing agreements with 636 beneficiaries. In the next 26 months about 6,000 people will be trained, about 3,000 business ideas will be financed and 5,000 new jobs will be created,” said Kumsishvili.

The Minister added within the first stage of the program, about 8,000 applications were received, where 12,500 people wished to run their businesses in Georgia’s regions.