NEWS

Georgian PM names 3 factors that caused FDI reduction in 2018

PM Bakhtadze said that last year FDIs were down by 34.9 % compared to 2017. Photo: Gov't of Georgia.

Agenda.ge, 12 Mar 2019 - 16:08, Tbilisi,Georgia

Georgian Prime Minister Mamuka Bakhtadze has responded to recent statistics on foreign direct investments (FDI) in Georgia and explained the reasons for their decrease.

The main reasons for the decrease in FDIs is the completed pipeline project and also transferring of ownership in telecommunication companies in the middle of last year”, Bakhtadze.

To note foreign direct investments (FDI) in Georgia amounted to $1.23 billion in 2018 as shown by preliminary data published by the National Statistics Office of Georgia (Geostat).

Last year FDIs were down by 34.9 % compared to 2017.

Bakhtadze said that there were three factors that caused FDI reduction in 2018.

The liabilities of non-resident investors were repaid, which was reflected in the statistics”, he said.

Bakhtadze also mentioned those sectors which saw an increase of FDIs.

The share of FDIs by the three major economic sectors reached 52.3% in 2018, allocated in:

Financial sector, reaching $277.9 million
Transports sector, reaching $209.9 million
Energy sector, reaching $157.2 million

As for the top investor counties, Azerbaijan (19.5%), United Kingdom (16.5%) and the Netherlands (13.6%) filled the first three spots.

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