Unified ‘Produce in Georgia’ to spur dynamic economic development

19 Apr 2017 - 15:56:00

comments powered by Disqus,19 Apr 2017 - 15:56, Tbilisi,Georgia

The state-funded program ‘Produce in Georgia’ will continue its activities with a new structure in order to implement projects in a more flexible and effective way.

The structural changes will include the unification of four different agencies under one umbrella which were formerly responsible for separately implementing different aspects of the program.

The four agencies that implemented projects within the ‘Produce in Georgia’ program were:

  • Property Management Agency
  • Agriculture Projects Management Agency
  • Enterprise Georgia
  • Georgia’s Innovation and Technology Agency

Now Enterprise Georgia will be named as Produce in Georgia and will unite all three agencies under its umbrella to better manage the project's implementation process.

For this reason Produce in Georgia will also create a front-office that will ease access to business supporting programs. The front-office will be a central hub that will offer all needed services to entrepreneurs who want to start a business. Later the front-office will be joined to the Business House.

Representatives of Georgian business society and the Government officials attended the presentation today. Photo by Georgia's Ministry of Economy.

In order to facilitate dynamic economic development the [renewed Produce in Georgia] agency will unite three components: business (local production), export and investments. Accordingly three different brands – Produce in Georgia – Business, Produce in Georgia - Export and Produce in Georgia – Investments – will be united,” said Georgia’s Economy Minister Giorgi Gakharia while presenting the project today.

Produce in Georgia – Business

This component will continue supporting micro, small and medium sized companies to let them have easier access to finances for starting new business or expanding existing ones.

Produce in Georgia – Export

This component will play the role of moderator between foreign investors and Georgian entrepreneurs and will help Georgian producers to enter foreign markets and establish their brands there. This component will support Georgian exporters.

Produce in Georgia – Investments

This component will strengthen relations with investors and offer them specific projects. Invest in Georgia, an agency which was responsible for this job will also join the Produce in Georgia agency and will continue its duties under the new conglomerate.

Furthermore, commercial attachés will be appointed in the Embassies of Georgia abroad to inform Georgia's partners about the country's investment potential.

As of April 2017, ‘Produce in Georgia’ has supported 170 businesses, with a total investment value amounting to 400 million (about $166m/€155m*), creating 7,223 new jobs in the country.

More than 100 million GEL (about $41m/€38m*) was invested in the field of agriculture, while 20 projects were funded in the area of hotel industry and the total investment reached 34 million GEL (about $14m/€13m*).

More than 7 million GEL (about $2.91m/€2.71m*) was invested in the film industry.

I would like to especially point out the component of micro and small enterprises, under which, 9,000 beneficiaries were trained; 5,000 beneficiaries were co-financed and more than 5,000 jobs were created in the rural areas”, said Giorgi Kvirikashvili and wished success to the beneficiaries.

*Currency conversions reflect National Bank of Georgia values as of today.

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