Economy Minister: “positive” investment dynamics in 2023 saw volume exceed $1bln

Economy Minister delivered his speech at the presentation of the 2020-2023 report of Invest in Georgia, a department of Enterprise Georgia. Photo: Ministry of Economy, 05 Dec 2023 - 15:35, Tbilisi,Georgia

Georgian Economy Minister Levan Davitashvili on Tuesday said the “positive dynamics” of foreign direct investments in the country had continued this year, with their volume exceeding $1 billion in the first two quarters after reaching a “record high” of $2.098 billion in 2022. 

Davitashvili made the comment at the presentation of the 2020-2023 report of Invest in Georgia, a department of Enterprise Georgia - the state agency promoting entrepreneurship, investment and exports.

Presented by Enterprise Georgia CEO Mikheil Khidureli, the event saw the Minister praise the work of the body as "successful", and note the geography of the FDIs was “diverse”.

Despite a lot of speculation, the geography of our investments is quite diverse, and it is not connected to one country. Up to 50 percent of FDIs come from European Union countries, followed by the United States and Persian Gulf states”, he said, praising the agency’s role in achieving the result.

The Minister added the “largest international corporations” such as chemical producer Indorama and energy companies TEPCO and MASDAR starting their operations in the country showed the “effectiveness” of the work done for attracting investments. 

In general, foreign direct investments have a special role in Georgia’s economy for economic development and economic transformation [...] It's not just economic growth, it's not just numbers and results, it's direct employment and new jobs”, he noted.

The Minister also pointed out the new sectors of information technology and business process outsourcing had formed in the country and were “important employers”, and added attracting FDIs to the country was the Government’s “priority”.