Economy Minister: sustaining 9.7% economic growth “our joint objective”

Georgian Economy Minister Levan Davitashvili on Tuesday highlighted the importance of sustaining the existing 9.7 percent economic growth rate, as the “benefits we all want to have in the country are directly related to economic progress”.

Speaking at a panel discussion at the Georgian Business Association Conference, Davitashvili pointed out the need for “direct communication” with businesses in the development process of the country's economy so that the Government's economic policy decisions could be “in sync with” the needs of the business sector, adding that such “dialogue” with businesses in recent years “has been especially fruitful”, resulting into economic outcomes.

“As for maintaining economic progress, we have a very transparent economic policy. In the coming years, we will have high capital expenditures relative to our gross domestic product, maintaining one of the highest levels of capital spending at 8 percent, which is one of the sources of economic growth and will be one of the instruments for our short-term economic growth”, the Minister said.

Davitashvili emphasised that the “main focus” would be on the structural improvement of the economy with “a long-term emphasis” on increasing productivity, technology, innovation, and infrastructure projects.

The Minister also highlighted flagship projects such as the Anaklia deepwater port project in the country’s north-western Black Sea town, railway modernisation, works on the East-West highway, the Black Sea submarine cable project for a new transmission route to deliver green energy from the South Caucasus to Europe, and the development of logistics infrastructure, while speaking of the development of transport and logistics infrastructure.

The conference, organised by the Georgian Business Association, was opened with a welcoming speech by Prime Minister Irakli Kobakhidze and was attended by the Government's economic team and representatives from the business sector.