Georgian Finance Minister: Tbilisi hosting 2024 Asian Development Bank meeting will be “largest event ever organised in Georgia”
The Georgian Finance Minister sat down with Agenda.ge to talk about the importance of holding the Annual Meeting in Georgia and shared plans for the upcoming event. Photo: Ministry of Finance
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About 4,000 participants - including finance ministers, central bank governors, and government officials from Asian Development Bank member countries - will gather in the Georgian capital city of Tbilisi for the 57th Annual Meeting of the institution next year under the theme “Bridge to the Future”.
Georgian Finance Minister Lasha Khutsishvili told Agenda.ge the occasion would be the “largest event ever organised” in the country, surpassing all previous annual meetings of international financial institutions that have been hosted in Georgia.
The status of the Host Country was formally handed over to Georgia during the 56th ADB Annual Meeting in Incheon, South Korea in May, with Tbilisi set to host the next meeting in May 2024.
The opening day will see a welcome reception, where participants will be served Georgian wine. The popular state ensemble Basiani will also entertain them, along with the Sukhishvili National Ballet.
Photo: ADB
The programme of the event also includes welcome remarks by Khutsishvili, who will also serve as the ADB Governor over a year, and an address by ADB President Masatsugu Asakawa.
Asakawa explained the connection between the next Host Country and the 2024 theme, saying “Georgia is a vibrant hub for regional trade — and a crucial bridge between Asia and Europe”.
The Georgian Finance Minister sat down with Agenda.ge to talk about the importance of holding the Annual Meeting in Georgia and shared plans for the upcoming event.
Q. How important is it for Georgia to host what you have described as the “largest event ever organised” in the country?
A. Hosting the Annual Meeting of the Asian Development Bank in Tbilisi in May 2024 holds immense significance for our country.
This signifies commendation of the projects and reforms being undertaken by our country in collaboration with the ADB. Georgia has been the recipient of substantial investments amounting to $4.5 billion from the Bank. Notably, the ongoing projects have reached a remarkable cumulative value of $2 billion. The ADB-supported initiatives have played a pivotal role in fostering the country's economic growth. The cooperation encompasses a wide range of sectors, including infrastructure, education, logistics, energy and healthcare. We have received unwavering support and positive assessments for these projects at all levels.
Muhammad Ehsan Khan of the ADB, Lasha Khutsishvili signed a joint memorandum on holding the 57th annual meeting of the ADB in Tbilisi. Photo: Ministry of Finance
Q. It is still early to talk about preparatory works, but in your opinion, what impression would Georgia make as the Host Country of the next Annual Meeting?
A. In order to ensure the successful organisation of the Annual Meeting, we have established a Cross-Government Commission and entered into a memorandum of understanding with the ADB.
While it is premature to delve into specific details at this stage, I can assure you that every effort will be made to host this significant event in our country with utmost dignity and excellence. I would say the expectations are quite high, since the word about Georgia’s hospitality is already well known, and the Host Country event we held in Incheon, Korea in May did give the institution a flavour [of our hospitality].
Q. You joined finance ministers, central bank governors and government officials from ADB member countries in the Bank’s 56th Annual Meeting, and held meetings with different high officials in Incheon. Please summarise those meetings.
A. First and foremost, I would like to highlight a significant meeting held with Masatsugu Asakawa, the President of the ADB. Our discussions revolved around areas of cooperation between Georgia and the Bank, encompassing both bilateral and multilateral formats.
ADB has announced Tbilisi, Georgia, as the host of its 57th #ADBAnnualMeeting to be held from 2 to 5 May 2024.
— Asian Development Bank (@ADB_HQ) May 5, 2023
It will be the first time for the country to host the bank’s main event of the year.
Read the announcement: https://t.co/1RqxCZXnqV pic.twitter.com/173gItFpA4
During the meeting, we underscored the crucial role played by the ADB as one of the foremost partners in Georgia's development process. This partnership encompasses financing of both public and private sectors.
Our conversation specifically focused on strategically important projects for the country. Notably, the ongoing construction of four sections of the East-West Highway [connecting the two major geographical areas of the country], supported by the ADB, took centre stage. We also discussed the North-South Corridor, a project aimed at enhancing regional connectivity. Furthermore, we delved into other road and municipal initiatives that contribute to the strengthening of Georgia's transportation and logistics sectors.
The discussion also touched upon the vital areas of energy security and independence. The plans on supporting Green and Renewable Energy generation by supporting introduction of the Contract for Difference mechanism [is intended to provide long-term revenue stability to low carbon generators] for small and medium size renewable hydro, wind and solar generation; large hydro [power] projects and, most importantly, the Black Sea submarine electricity cable [project for connecting the South Caucasus grid with those of European Union countries].
Finance Minister delivering his speech at at the event for the official handover of the Host Status from Korea to Georgia. Photo: Ministry of Finance
We reiterated the significance of hosting the Annual Meeting of the Asian Development Bank in Georgia in 2024, emphasising its importance once again.
In addition, a significant meeting was held with Choo Kyung Ho, the Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea. During the meeting, we engaged in discussions regarding the potential for further enhancing the cooperation between Georgia and Korea, as well as exploring avenues to increase Korean investments in our country.
Q. During your meeting with the Finance and Economy Minister of Korea you emphasised the importance of signing agreements on the promotion and protection of free trade and investments between Georgia and Korea. When do you expect to finalise the negotiations and sign the deal?
A. The signing of agreements on the promotion and protection of free trade and investments [...] will play a crucial role in strengthening the economic cooperation between the two countries. This milestone is expected to yield significant benefits.
Over 300 people were hosted at the event for the official handover of the status, with Georgian national dance and song ensembles entertaining the guests. Photo: Ministry of Finance
[W]e hold strong hopes that negotiations for a free trade agreement will commence within this year, further enhancing the trade relationship and fostering greater economic integration between Georgia and Korea.
Q. Local media was reporting that the ADB might become the supporter of the Anaklia deep sea port project [on Georgia’s Black Sea coast]. Can you confirm this information?
A. Regarding this matter, I can affirm that there is a notable interest from international financial institutions and partners. ADB among them is obviously very interested in these strategic projects. It is understood that once private interest is expressed and the final project structure takes shape, it is natural for the ADB to be one of the potential investors on the state side, alongside other interested parties.