Int’l finance hubs to be built in Tbilisi, Gonio

The Georgian government is planning to launch International finance hubs in the country’s capital Tbilisi and the Black Sea coastline town of Gonio, economy minister Natia Turnava said on Monday.

Turnava said the government project for the creation of the financial centres would offer an opportunity for international companies to register in Georgia and relocate their activities in these zones.

For the economy, financial zones mean foreign direct investment. Not only foreign, but also local, because such zones are preceded by active development in the area. In addition, the special regime for fiscal, regulatory, high-class office or residential areas should be built in financial centre zones, which will be additional investments”, Turnava said.

The economy minister also mentioned job creation among advantages of creating the international zones, noting the hubs would require significant staff in areas such as accounting, auditing and IT technologies.

Responding to the new initiative, Georgian Prime Minister Irakli Garibashvili said the development of the special hubs would significantly contribute to promotion of the country as having a developed financial infrastructure in the region and the world.

The creation and development of [the zones] will help attract investment, create jobs, share modern, financial, technological innovations and establish the country as a regional financial centre. That should be our [the Georgian government’s] common, ultimate goal,” Garibashvili said.

Garibashvili said 110 hectares of land near the Tbilisi Sea in the capital and on the territory of Gonio, the latter located in the western Adjara province, would be allocated for accommodating infrastructure for the financial hubs.