Deputy Economy minister: int’l companies leaving Russia, Belarus an opportunity for Georgia

International companies leaving the Russian and Belarusian markets due to the war in Ukraine is an “opportunity” for Georgia to attract new businesses and new investments, and create new jobs in the country, Irakli Nadareishvili, the Deputy Economy Minister, said on Thursday. 

In comments at an event organised by the International School of Economics Research Institute, the official said the Ministry had idenfitied the companies interested in relocating to Georgia and expanding their representation, noting the Government had developed a “specific strategy“ to attract foreign investment. 

Our partners are working with us, we have a list of specific companies that we are working with directly through various channels - through our international partners, as well as through direct resources,” Nadareishvili said. 

The Deputy Minister also talked about the impact of the Ukraine war and pointed out it posed “economic challenges” not only to Georgia but to the wider Black Sea region. 

He stressed the importance of exchange of information between the Government, private sector and donors of the country about the steps each party must take to “minimise the expected and current consequences of the crisis.”