US - A major investor and partner of Georgia
Georgia seeks to tighten business ties with US

  • National Bank of Georgia and other central banks from the Eurozone shared their experience using the portfolio management system. Photo by N.Alavidze/Agenda.ge
Agenda.ge, 10 Mar 2016 - 16:00, Tbilisi,Georgia

Easy bureaucracy, low initial capital needed to start a business and a plethora of opportunities in niche markets are the main things encouraging United States (US) citizens to invest in Georgia.

Last year a record number of businesses established by US citizens were registered in Georgia, revealed statistics by the National Statistics Office of Georgia, Geostat.

Specifically, 154 new businesses founded by US entrepreneurs were registered in Georgia between January and October 2015 – up 123 percent from the 69 businesses registered the prior year.

The US was one of Georgia’s major investor countries in 2015, investing $35 million USD in the country, said Geostat.

The bond between Georgia and the US was strong but this year bilateral relations were strengthening. 

Today at a bilateral meeting in Washington D.C. between Georgia’s Economy Minister Dimitry Kumsishvili and US Deputy Assistant Secretary of State Kurt Tong, the US side confirmed it intended to continue cooperating with Georgia in a range of sectors.

Ways to encourage further US investments in Georgia was one of the topics covered at the meeting.

Meanwhile at another meeting with US official Daniel Malan, who represented the US during the free trade negotiations with the European Union and the US, Kumsishvili highlighted ways to develop trade ties between the US and Georgia.   

Kumsishvili also visited the International Monetary Fund (IMF) head office, where he thanked the IMF for its support towards Georgia. 

The day continued with meetings at the Overseas Private Investment Corporation (OPIC). Kumsishvili positively assessed the OPIC’s activities in Georgia, which included financing of more than 50 projects in a range of sectors in the Georgian economy. OPIC officials promised to continue investing in Georgia’s tourism, agriculture, renewable energy, education and healthcare sectors, among others.

Kumsishvili hoped OPIC would contribute funds to the Anaklia Deep Sea Port project in Georgia. 

Constructing the new Deep Sea Port in Anaklia, western Georgia, was also raised at the Global Infrastructure Forum, held in Washington D.C. There Kumsishvili highlighted the importance of the project and the New Silk Road route, which would both support Georgia’s economy and encourage greater connectivity within the region. 

More than $550 million USD was expected to be invested in the first several phases of the Anaklia Deep Sea Port project. The development will be separated into nine phases in total. 

Development of a free industrial zone, which requires the investments of several million USD, will also be very important for Georgia. As a result of this, Georgia’s importance in the Silk Road route will be strengthened,” said Kumsishvili.  

Georgia’s Economy Minister also participated in a round table meeting between representatives from the Heritage Foundation and chief experts from the Economic Freedom Index. 

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