Economy Minister highlights “historic high” $2bln FDI reached in 2022
Georgian Economy Minister Levan Davitashvili on Monday said foreign direct investments in the country had exceeded $2 billion in 2022, setting a “historic high” mark. Photo: PM's press office
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Georgian Economy Minister Levan Davitashvili on Monday said foreign direct investments in the country had exceeded $2 billion in 2022, setting a “historic high” mark.
The Ministry cited Davitashvili with noting the main source of the 2022 FDI figures had come from European Union member countries.
Almost half of the received investments come from [these countries]. More specifically, FDI from the European Union increased by 142.5 percent and amounted to $859.6 million”, the Minister noted, adding 43 percent of the total FDI had come from the bloc’s states in 2022.
Figures released by the National Statistics Office also showed the United Kingdom as Georgia's major foreign direct investor country in 2022 with $428.3 million, followed by Spain with $367 million and the United States with $163.9 million.
The FDI increased in 2022 by 61.1 percent compared to 2021, with the Office also noting increase in equity and reinvestment of earnings as the “main reason” for the growth.
Other data showed the equity capital totalling $686.3 million - 3.3 times higher than the adjusted data of the previous year - while the volume of reinvestment increased by 1.7 times and amounted to $1.28 billion.
The largest share of FDI was registered in the financial and insurance activities sectors, with the figure of $526.4 million. Real estate came second with $406.9 million, followed by water supply and sewerage with $197 million.
Georgian Prime Minister Irakli Garibashvili on Sunday told Imedi TV the "patriotic team" of the Government had brought "a lot of benefits" to Georgia “despite challenges”, in comments about its performance in the economy and infrastructure and criticism of the domestic opposition.
Georgia's Black Sea region of Adjara received $106 million in foreign direct investments in the first nine months of 2022, Tornike Rizhvadze, the Head of the Government of Adjara, said in his end-of-year summary of his office’s work on Thursday.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to review the indicators of foreign direct investments in the country, which totalled $745.3 million in the third quarter of 2022, doubling from the adjusted data of Q3 2021.
Spain was Georgia's major foreign direct investor country in the third quarter of 2022 with $165.9 million, followed by the United Kingdom with $122.9 million and Ireland with $120.3 million, the National Statistics Office of Georgia reported in its latest figures on Friday.
Georgia’s Deputy Economy Minister Genadi Arveladze on Tuesday said development of “quality infrastructure” was a “priority” for the Government.
Georgia Investment Forum, an event promoting the potential of the country for prospective investors from the United Kingdom, was hosted on Thursday in London.
The current and planned large economic projects, as well as ongoing infrastructure works, were discussed by the Georgian Government’s Economic Council, led by Prime Minister Irakli Garibashvili, on Saturday.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the Parliament he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the country’s Parliament financial authorities were working on harmonising the domestic legislation with the European Union and ensuring tax transparency through international agreements.
The Business Association of Georgia on Thursday published the results of a survey that said 63 percent of its member companies planned to increase the volume of their investments this year.
Georgian Prime Minister Irakli Garibashvili on Monday said the country’s account deficit between imports and exports, unemployment and poverty had all hit “historic lows” in the past year while the domestic economy was observed at an “all-time high” and GDP per capita at a “historic maximum”.
The Netherlands was Georgia's major foreign direct investor country in the first quarter of this year with $239.6 million, followed by Japan with $63.2 million and the United States with $54.7 million, the National Statistics Office of Georgia reported in its latest figures on Friday.