Who is the Georgian PM's special adviser on foreign investments?
Georgian PM Irakli Garibashvili has today appointed Vazil Hudak, former Vice-President of the EIB and former Minister of Economy of Slovakia, as his special adviser on foreign investments. Photo: Gov't of Georgia.
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Georgian Prime Minister Irakli Garibashvili has today appointed Vazil Hudak, former Vice-President of the European Investment Bank (EIB) and former Minister of Economy of Slovakia, as his special adviser on foreign investments.
We are working on a new economic recovery plan in the difficult situation caused by the coronavirus. In this plan, foreign investments will play a leading role for the future economic development of Georgia. The task for Hudak is to mobilise the financial support from the public and private sectors for the Georgian government's new economic strategy", said Garibashvili.
Hudak will cooperate with the European Union, the International Monetary Fund, the World Bank, the European Investment Bank, the European Bank for Reconstruction and Development and other international financial institutions, as well as with the international business community, investment funds and banks.
Given our current strategy, we attach great importance to European policy in the field of small and medium-sized enterprises in Georgia. This policy will be implemented with the vision and professional advice of Hudak", Garibashvili said.
On the other hand, Hudak said that this was an honour for him to return to Georgia and to be the foreign investments adviser of the PM.
We have to work together in a difficult period which is related to the Covid-19 pandemic, but I think this difficult time is also a time of opportunities. We have the opportunity to grow, to develop in many different directions, to create a better quality in different areas, to attract support from the United States, the European Union and other countries. We know how to restore the economic situation through investment, more economic development", Hudak said.
He said that he had already met all ministers of Georgian economic group and had learnt all challenges.
"State resources are not enough to meet all these needs, which is why it is important that other resources are mobilised and the private sector is involved. This is where I see my role in helping the Georgian government find ways to mobilise other resources", Hudak said.
Foreign direct investments (FDI) in Georgia amounted to $302.6 million in the third quarter of 2020, down 23.6% from the adjusted data of the same quarter of 2019 and up 25.2% from the preliminary data of Q2 2020, show the latest data of the National Statistics Office of Georgia (Geostat).
The government of Georgia has announced a new state programme, FDI Grant, under the auspices of Enterprise Georgia which will promote the growth of foreign direct investments, the inflow of technologies and the creation of new jobs in Georgia, announces Enterprise Georgia agency.
From now on, about 150,000 companies in Georgia will be able to use automatic systems to claim their surplus VAT refund generated on the basis of VAT declaration, announces Georgian Prime Minister Giorgi Gakharia.
The Organisation for Economic Co-operation and Development (OECD) has presented an overview of investment trends and policies in Georgia today which highlights the progress the country has made and gives recommendations to overcome the challenges Georgia faces today.
Foreign direct investments (FDI) in Georgia amounted to $125.4 million in the first quarter of 2021, down 28.3% from the preliminary data of the same quarter of 2020, show the latest data of the National Statistics Office of Georgia (Geostat).
Georgia has received %5.2 billion in Foreign Direct Investment (FDI) from offshore companies between 2011 and 2020 which amounts to 38% of total FDIs of the period, says Transparency International Georgia.
fDi Intelligence publishes report on investment potential of Georgia
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Foreign direct investments (FDI) in Georgia amounted to $234.2 million in the second quarter of 2021, down 2.6% from the adjusted data of the same quarter of 2020, show the latest data of the National Statistics Office of Georgia (Geostat). The largest share of FDI was registered in the financial sector, reaching $82 million (35%), the energy sector was the second with $65.2 million (27.8%), followed by the manufacturing sector with $46.5 million (19.9%).
Catapult VC venture fund, a California-based company involved in investments in technology ventures, will launch a fund dedicated to investing in Georgia's innovative startups, in a move Prime Minister of Georgia Irakli Garibashvili called an "important step in developing the country into an innovative hub".