PM promotes Georgia’s investment opportunities at EBRD Annual Meeting

Georgia is a successful, ambitious nation with many opportunities for further development and growth, believes the country’s Prime Minister Irakli Garibashvili.

Speaking in front of hundreds of international delegates and global financial officials at the 24th Annual Meeting of the European Bank for Reconstruction and Development (EBRD) Board of Governors in central Tbilisi today, Garibashvili spoke about the current state of the country and how financial support from institutional investors such as EBRD had helped the country develop at a staggering speed.

Last year the Bank’s investment into the Georgian economy doubled and exceeded €200 million. During the past 22 years of cooperation, the Bank’s total investment to the Georgian economy exceeded €2.6 billion.”

Why to invest in Georgia?

In recent years the Government’s efforts has seen the country emerge as "one of the most attractive markets in the world to invest and do business,” said Garibashvili, and despite negative global and regional trends, FDI in 2014 increased 35 percent year-on-year, reaching $1.3 billion US dollars.

"Let me say this is the best indicator we have had since 2007,” said Garibashvili.

"Georgia is the front country in terms of transparency and open governance, that’s why it’s an ideal place for foreign investments and business operations,” said the PM.

The country’s energy sector was also attractive - Georgia boasted high hydro power energy potential and vast natural resources.

Despite negative global and regional trends, FDI in 2014 increased 35 percent year-on-year, reaching $1.3 billion US dollars, said Garibashvili. Photo by PM's press office. 

Developing tourism was one of the Government’s top priorities of 2014 and its efforts had not been in vain. "Its obvious tourism numbers has increased rapidly; Georgia is such an attractive place with a stunning landscape and sights,” said Garibashvili.

Increasing tourist numbers had helped Georgia retain a positive economy despite the current regional challenges.

"The difficult geo-political situation in the region has had a negative impact on the economic conditions of countries in the Caucasus region, nevertheless, economic growth has been maintained in Georgia and the business environment is getting better and better, in terms of protection of property rights and optimisation of tax legislation,” said PM Garibashvili.

Georgia offers legal safety and security to investors, as well as high quality, transparent and predictable legislation with healthy arbitrary procedures, an independent judiciary, a trusted court system and notary services. We also have very quick and effective execution of court rulings, access to public information, also transparent and efficient public services.”

"Our aim is to develop and expand the private sector, facilitate economic growth and improve living standards in the country. We strongly believe this will make us closer to the European family.”

DCFTA: Key to new possibilities

Georgia’s signing of an Association Agreement with the EU last June, which included the DCFTA, offered immense possibilities for economic and investment growth in Georgia.

"It is a strong decision of my Government to have a very accelerated implementation of the DCFTA deal with the EU,” he said. "After the DCFTA, the European market will open to products made in Georgia, so now Georgia has a possibility to reach 900 million consumers in the European market”.

As well as developing exports, the country was looking towards developing production and agriculture sectors.

To implement his vision for Georgia, Garibashvili stressed the importance of multi-lateral development banks, such as the EBRD.

"At this stage of development it’s very important to have a strong and trusted partner in EBRD. Now EBRD conducts more than 170 projects in Georgia that are collectively worth €2.6 billion, and 83 percent of funds are for the private sector.”

After Garibashvili’s address, EBRD President Sir Suma Chakrabarti spoke of the Bank’s operations of 2014 and about Georgia’ recent developments.

 EBRD President Sir Suma Chakrabarti: "Of course there is still more to do. But Georgia can be proud of the results so far." Photo by PM's press office.

"Georgia’s long history has of course witnessed many transformations, but also amazing cultural resilience and continuity. To judge by the quality of Georgia’s transition towards a market economy over the past 25 years, this is a country that pursues a long-term vision with great determination. Of course there is still more to do. But Georgia can be proud of the results so far.”

"Prime Minister, your country’s success is also the EBRD’s success. Ours is a strong and lasting partnership, for investments, for reforms, for transfer of skills. EBRD has invested €2.6 billion in Georgia over the years and brought along other investors. We are rightly pleased with what we have achieved together.”

The EBRD Annual 24th Meeting and business forum officially opened today and the event continues with the EBRD Board of Governors meeting and Discussion Panels on various issues including gender in business and investing in green infrastructure.

Georgia as the host is holding the country’s special investment outlook session today to give participants an understanding of the investment climate and the opportunities in Georgia.

This is the first time the EBRD Annual Meeting is held in the Caucasus region.