Increasing effectiveness of small, medium businesses in Georgia priority of Govt’s economic policy - Deputy Economy Minister
Nadareishvili pledged to continue the reforms, which ensure the improvement of the legislative, institutional and operational environment for small and medium businesses and improve access to the market, as well as promote innovation, research and development, expand women's entrepreneurship and encourage the development of a green economy. Photo via Economy Ministry
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Georgian Deputy Economy Minister Irakli Nadareishvili on Wednesday said increasing the effectiveness of the small and medium-sized business sector was a “priority direction” of the Georgian Government’s economic policy.
Participating in the review of the initial assessment of Georgia in the updated ranking of the SME Policy Index by the Organisation for Economic Co-operation and Development, Nadareishvili discussed economic trends of Georgia, as well as the steps taken by the country’s Government to promote small and medium-sized businesses, the Economy Ministry said.
He highlighted the approval of the 2021-2025 strategy and the corresponding action plan for the development of small and medium entrepreneurship in Georgia, with the coordination of the Economy Ministry and with the support of the European Union and the German Government, as well as in close cooperation with OECD and German Society for International Cooperation.
The improved programmes “adapted to the needs of entrepreneurs”, implemented by the Enterprise Georgia, a state platform for promoting entrepreneurship, and the country’s Innovation and Technology Agency, were also reviewed by the Deputy Minister with the heads of the donor organisations in Georgia, as well as public and private sector and business associations.
Nadareishvili pledged to continue the reforms, which ensure the improvement of the legislative, institutional and operational environment for small and medium businesses and improve access to the market, as well as promote innovation, research and development, expand women's entrepreneurship and encourage the development of a green economy.
I think all these [Government’s reforms] will be logically reflected in the assessment of the 4th round of the SME Policy Index of the OECD, and Georgia will not only maintain but also improve its positions in all directions", said the Deputy Minister.
In the previous three assessments, Georgia was the leader among other countries of the Eastern Partnership of the European Union, including Armenia, Azerbaijan, Ukraine and Moldova.
Georgia has improved its position in all 12 categories in the SME Policy Index - 2020 published by the Organisation for Economic Cooperation and Development (OECD) since the previous report that was published in 2016, announces the Georgian Ministry of Economy.
The first gender bond in the South Caucasus region is being launched in Georgia to support women-owned businesses with $7 million support of the Asian Development Bank, the ADB announced on Monday.
Enterprise Georgia, an export promotion agency of the country, is inviting micro and small-sized entrepreneurs in Georgia to submit their new business ideas for a state grant with a maximum amount of ₾30,000 ($11,607).
The European Bank for Reconstruction and Development will assign a $16 million loan, backed by the European Union and Sweden, to Georgia’s Credo Bank to support local micro, small and medium-sized companies and women-led firms in the country, the Bank announced on Tuesday.
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 Finance Minister Lasha Khutsishvili on Tuesday reviewed the Government’s cooperation with the Asian Development Bank and projects supported by the ADB in the public sector of Georgia in a meeting with its officials.
Investment consultants and managers from the world’s leading BPO companies on Friday praised Georgia’s positive dynamics in the industry, as well as the country’s investment potential.
The positive dynamics of the BPO services in Georgia and the opportunities that the country can offer to foreign companies were discussed on Friday by Georgian Economy Minister Levan Davitashvili and the investment consultants from the world’s leading companies in the industry.
A €5.1 million programme of the European Union and the United Nations, implemented in Georgia between 2019-2023 have “directly benefited” up to 100 small and medium-sized enterprises across the country and played a “significant role” in establishing four business clusters, the Georgian office of the Food and Agriculture Organisation of the United Nations said on Tuesday.
Georgia has maintained the status of a frontrunner in the Small and Medium-Sized Enterprises Policy Index involving the European Union’s Eastern Partnership countries, with the latest ranking revealed by the Organisation for Economic Co-operation and Development on Wednesday.
William Tompson, the Head of the Eurasia Division in the Organisation for Economic Co-operation and Development’s Global Relations Secretariat, on Thursday said Georgia had experienced “huge success” after 2020 due to a “consistent policy” of its state agencies.
Mikheil Khidureli, the CEO of Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports, on Friday highlighted the Government’s “supportive mechanisms” to promote small and medium-sized enterprises in Georgia.
Paweł Herczyński, the Ambassador of the European Union to Georgia, on Friday highlighted the country’s “leading position” in the Small and Medium-Sized Enterprises Policy Index involving the EU’s Eastern Partnership countries.