Economy Minister: Georgia remains “attractive for investors" despite high risks in region
Origins of highest investment in Georgia in the reporting period included Spain with $196.1 million, the United Kingdom with $87.2 million and Turkey with $67.1 million. Photo: Nino Alavidze/Agenda.ge
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Georgian Economy Minister Levan Davitashvili on Monday said the country remained an "attractive country" for the investors despite the "high risks" in the Black Sea region.
The Economy Ministry cited Davitashvili on highlighting recent data by the National Statistics Office, which showed a four-fold increase of foreign direct investments in the country in the first quarter of 2022 year-on-year, with the figure amounting to $568.2 million.
[D]espite the uncertainty in the region which affects the economy, we in Georgia [...] remain calm and [...] see the high confidence from businesses in our economy", Davitashvili said.
Origins of highest investment in Georgia in the reporting period included Spain with $196.1 million, the United Kingdom with $87.2 million and Turkey with $67.1 million, the Office said.
Georgian Prime Minister Irakli Garibashvili on Monday highlighted the record-high monthly figure hit by the country’s exports in May, pointing to the $504 billion of goods exported amid the challenges created by the conflict in Ukraine.
Georgia exported a record $504 million of goods in May, marking a 48 percent increase compared to the same month of the previous year, preliminary data from the National Statistics Office of Georgia show.
Spain with $196.1 million, the United Kingdom with $87.2 million, and Turkey with $67.1 million were the countries that invested most heavily in Georgia in the first quarter of 2022, the preliminary data by the National Statistics Office of Georgia showed on Thursday.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.
Turkey ($1.02 billion), China ($783.1 million) and Russia ($764.2 million) are the top trading partners of Georgia in total external trade turnover in January-May 2022, preliminary data from the National Statistics Office of Georgia show.
Georgia’s banking sector has been “at the forefront” of implementing good corporate governance practices and helping to strengthen the country’s economic and financial development, says a new report by a joint World Bank-International Monetary Fund programme.
Georgian Prime Minister Irakli Garibashvili said Georgia experienced “double-digit” economic growth in the first five months of 2022 despite "world markets crashing" the recessions caused by the Russia-Ukraine war, the Government Administration announced on Monday.
The foreign direct investments in Georgia amounted to $1.24 billion last year - up 2.1 times in 2020 and 7.7 percent on the preliminary data of the year - as seen in the adjusted data of FDIs, published by the National Statistics Office of Georgia today.
The turnover received by the Georgian business sector increased by 19.2 percent (y/y) and amounted to ₾41.7 billion (about $14.53 bln) in the second quarter of 2022, the latest data published by the National Statistic Office of Georgia said.
The turnover received by the Georgian business sector increased by 31.5 percent (y/y) and amounted to ₾150.4 billion (about $53.25 bln) in 2021, the latest data published by the National Statistic Office of Georgia said.