PM to World Government Summit: Goal to turn Georgia into multidimensional regional hub

  • PM Garibashvili participated in the session titled Unleashing Georgia's Potential: A Journey Toward Economic Prosperity. Photo: PM's press office, 13 Feb 2023 - 11:42, Tbilisi,Georgia

Georgian Prime Minister Irakli Garibashvili on Monday said his Government's goal was to turn the country into a "true multidimensional regional hub", in comments at the World Government Summit in Dubai.

The Government Administration cited Garibashvili as saying authorities were “committed to a free market economy and democratic institutions”, adding the vision was “reflected in our multidimensional approach that is ensuring overall stability, sustainability and predictability for the Georgian people”.

We have been developing effective and efficient policies and are solidifying our vision through robust actions”, the Government head told the Summit.

Photo: Gov't Administration

The Georgian PM participated in the session titled Unleashing Georgia's Potential: A Journey Toward Economic Prosperity, where he discussed measures taken by the Government to attract investment, create job opportunities, and spur economic growth in the country. 

A significant increase in foreign direct investments was observed in 2022, the volume of which was doubled compared to the previous year by more than 100 percent. Our decisive actions helped to create more than 200,000 jobs over the past two years in Georgia”, he said.

We have also succeeded in terms of stabilising inflation at 9.4 percent last year, with the target of five percent for 2023. Many large-scale energy, infrastructure and logistics projects are underway or planned to further stimulate our economy and bring greater prosperity to our people", Garibashvili added. 

Photo: Gov't Administration

The Prime Minister also highlighted Georgia's strategic location at the crossroads of Europe and Asia and its efforts to become a hub for trade and tourism in the region.

Our goal is to develop Georgia into a true multidimensional regional hub, and we are actively working with the world's leading firms and brightest minds. As Georgia serves eight landlocked countries and is a gateway between Europe and Asia, my country already plays a significant role in the East-West trade", Garibashvili said.

He said the country offered international firms a “competitive environment” for expanding their businesses in the “larger region that will reduce their operational costs”. 

In Georgia, companies can take advantage of access to over 2.3 billion potential customers without customs and import tariffs. Georgia has free trade agreements with China, Commonwealth of Independent States, the European Free Trade Association countries, and Turkey. In addition, we enjoy the benefits of the Deep and Comprehensive Free Trade Agreement with the EU”, Garibashvili said.

The World Government Summit is hosted between February 13-15 with the theme of “Shaping Future Governments”.