Enterprise Georgia presents strategy to attract foreign direct investments in Georgia
By direct communication with investors, the agency aims to carry out 10 large and 16-20 medium-sized investment projects worth $225 million in total. Photo: Ministry of Economy.
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Enterprise Georgia has presented Investment Promotion Strategy and Action Plan for 2020-2021 earlier today, which aims to attract foreign direct investments in Georgia and create 3,500 new jobs in the highest paid, perspective fields.
Economy Minister Natia Turnava noted that the share of Georgian FDIs in gross domestic product is three times more compared to the region countries and many European countries.
Turnava noted that there was a 13.7 per cent growth in FDIs in quarter three of 2019, and that reinvested profit has doubled.
Photo: Ministry of Economy.
Investor confidence in the Georgian economy is growing,” said Turnava.
Director of Enterprise Georgia Mikheil Khidureli presented the strategy earlier today.
The investment promotion strategy includes:
- the selection of priority sectors for 2020-2021
- investment attraction (direct communication, indirect communication, image-building)
Photo: Ministry of Economy.
Investment sectors should be selected by the following criteria:
- fully aligned with the country's economic strategy (inclusive economic growth where every citizen is involved)
- increase knowledge and know-how in the country
- increase technology and technological advances
- export-oriented
- attractive for investors
- should have a competitive advantage
Photo: Ministry of Economy.
The selected sectors are the following:
- hospitality and read estate
- business process outsourcing (BPO)
- apparel and footwear
- electronic equipment components
- automotive and aerospace components
Photo: Ministry of Economy.
As a tool of the investment attraction process, direct communication will include studying 7,000 companies and choosing 700 of them with which Enterprise Georgia will have direct communication through meetings, visits to Georgia.
By direct communication with investors, the agency aims to carry out 10 large and 16-20 medium-sized investment projects worth $225 million in total.
Indirect communication entails cooperation with location advisors, companies which give advice to investors on where to invest.
Khidureli presented the updated version of the web page investingeorgia.org, where the investor can see the roadmap and gain information about specific sectors, required processes and documentation which investors should go through to invest in a given sector.
Photo: Ministry of Economy.
The web page has also the function of benchmarking, which can be used to compare Georgia to about 50 countries in ease of doing business, the burden of taxation and other criteria.
On the web page each sector has its own profile which informs investors about the advantages in this sector.
As a part of the image-building of the country, advertisements have been run on Bloomberg in November and December.
A short video as a part of the new campaign ‘Georgia – A Pleasure Doing Business’ launched by Enterprise Georgia in cooperation with global business media leader Bloomberg can be seen here.
A short video about the investment potential of Georgia.
The strategy is developed by the Enterprise Georgia team ‘Invest in Georgia’ and the International Finance Corporation (IFC).