Economy Minister highlights development of financial technology at CAREC meeting in Tbilisi

Georgian Economy Minister Levan Davitashvili on Wednesday led a working meeting of the Central Asian Regional Economic Cooperation Programme in the capital city of Tbilisi that was focused on the development of financial technology in the region. 

The Ministry of Economy said Davitashvili emphasised the importance of financial technologies in developing modern economic trends of CAREC countries in his address to participants of the event.

The Minister noted financial technology played a “significant role” in the distribution of capital at the level of states and regions as they grew.

Fintech has a catalytic role in fuelling these trends, as there is increased demand and the need to mobilise capital. Fintech can uplift and put our regional economies on a more sustainable path, and the governments must support this effort”, he said.

Davitashvili noted his Government had promoted the development of innovation and modern technologies, and supported innovative startups since 2014.

Our Government has highlighted the significance of knowledge-based, innovation-driven, and private sector-driven economic development, and has taken steps towards building an innovation ecosystem. We encourage collaboration between science and business sectors", he told the event.

The official also mentioned the Innovation and Technology Agency of Georgia and its role in providing access to financial programmes and supporting the development of the IT sector in the country.

Davitashvili also discussed Fintech products’ role in “increasing competitiveness in the real economy and bringing retail customers closer to businesses”. 

There are immense benefits to be gained in various areas, and Georgia, being a European Union membership candidate country, has the potential to act as a bridge between Europe and Asia due to its unique location. The success of this endeavour depends on how we collaborate, and the strategies we adopt to move forward”, he pointed out.

Representatives of CAREC member countries, the National Bank of Georgia, the Asian Development Bank and professionals from the financial and banking sectors are participating in the working meeting that will end on Thursday.