Gov’t aiming for $9bln in FDI over next four years, says Acting PM in parliamentary address

Irakli Kobakhidze, the Acting Prime Minister of Georgia, on Thursday said the country had secured $5 billion in foreign direct investments over the past 2.5 years and the goal now was to attract at least $9 billion in FDI over the next four years.

This goal is absolutely realistic, and we are hopeful that we will exceed it”, Kobakhidze said during his speech to the country’s Parliament.

The Acting PM emphasised the necessity of investments for not just economic growth, but also for regional development, which he said was“crucial” for a “balanced demographic process” across the nation.  

Kobakhidze said  the trend of population migration to larger cities posed challenges, and stressed the importance of “equal socio-economic development across all regions”.

To counter this, he announced plans for about ₾2.5 billion ($910mln) to be allocated specifically for regional development initiatives over the coming years to fund various programmes, including the Regional Development Fund, rural support, mountain support initiatives, municipal transport programme and more.

In addition to the regional focus, Kobakhidze also provided insights into the evolution of local budgets. He noted an increase from less than ₾2 billion ($730mln) in 2012 to about ₾5.5 billion ($2.01bln) this year, and projected local budgets could exceed ₾7 billion ($2.56bln) by 2028.