Economy Minister: banking sector development “important step” towards turning Georgia into regional finance hub

Georgian Economy Minister Levan Davitashvili on Wednesday said the development of the domestic banking sector was an “important step” towards turning Georgia into a “regional financial centre”.

Speaking at an event dedicated to Banker's Day, Davitashvili said the domestic sector was growing and becoming “more innovative [and] more competitive globally”.

In recent years, our economic policy is in complete harmony with the financial and banking sector. We are working on the capital market, [development of] new systems and mechanisms for creating savings, we are working to create new investment instruments to attract more capital to the country in order to further accelerate [the process] and make the country's economic development more sustainable and innovative - and, of course, all this to serve the interests of our people”, he said.

The Minister added Georgia had managed to achieve “stable” economic growth despite the Covid-19 pandemic and the “geopolitical situation” as a result of a “successful dialogue and cooperation” between the Government, the “economic bloc” and the banking sector.

The domestic Banker's Day was established by the initiative of the National Bank of Georgia and the Banking Association in connection with the anniversary of the establishment of the first Georgian bank in the late 19th century.