Georgia's National Investment Agency now under state leadership

The Georgian National Investment Agency will be under the command of Georgia’s Prime Minister Irakli Garibashvili, so he can effectively coordinate attracting Foreign Direct Investments (FDI) to the country.

Today Garibashvili met the representatives of diplomatic corps, international financial and consulting organisations and business associations, introduced himself this decision.

Garibashvili said Georgia was a country with "a unique cultural and historical heritage". It was also unique in its flexibility.

"Today's Georgia is different from the one it was 20 years ago. Despite the existing challenges we can see important progress on a daily bases, such as strengthening of democratic institutions and the rule of law, improvement of infrastructure, economic reforms and European and Euro-Atlantic integration. Today’s Georgia is different from that of 20, 10 or even two years ago,” the PM noted.

In his words Georgia had "one of the most preferable business environments”.

Garibashvili used several examples to justify his comments, using the World Bank’s rating where Georgia was ranked 15th in terms of ease of doing business. Additionally, he recalled the Heritage Foundation’s ranking which named Georgia 22nd in the world by economic freedom while TRACE Matrix ranked Georgia 11^th among 197 countries with the lowest business bribery risk.

The representatives of diplomatic corps, international financial and consulting organisations and business associations at the meeting with PM Garibashvili. Photo from PM's press office.

The Prime Minister said Georgia had regained its "natural role” as a regional centre". The Baku-Tbilisi-Kars (BTK) railway project, Anaklia deep water port and reestablishing the historic Silk Road will strengthen Georgia’s transit role,” said Prime Minister.

Garibashvili once again highlighted the importance of receiving the first cargo train from China in February 2015, which reduced transportation time from 40-45 days to nine days.

Furthermore, Garibashvili stressed Georgia had many prospective projects in renewable energy, agriculture, food processing, hospitality business, real estate, manufacturing and logistics.

While talking about the country's progress, Garibashvili mentioned the challenges the country faced today.

"The ongoing events in Ukraine and Russia and global strengthening of the US dollar, which affected Georgia’s national currency, are important challenges that need to be overcome. We need to have an educated, qualified and affordable labour force. Our Government decided to support this process however the main challenge in this case is time,” Garibashvili said.

"The main challenge is still unemployment and poverty. At the end of 2014 the unemployment rate in Georgia was 12.4 percent – the lowest it has been in 11 years. The 2014 unemployment rate was a decline of 2.2 percent on 2013 figures, when the country experienced 14.6 percent unemployment," he noted.

"FDI is very important for reducing unemployment. Georgia does not have the natural resources’ supply and in such situations FDIs are very important. This is our realty which will not change in the coming 30-40 years,” said Garibashvili, adding that the Government will create a "healthy and competitive environment" which will guarantee equal conditions for all businesses.

At the end of his speech, Garibashvili addressed the group and asked them to support Georgia in the process of becoming an attractive place for business and investments.