Economy Minister highlights development of financial technology at CAREC meeting in Tbilisi
Georgian Economy Minister Levan Davitashvili led a working meeting of the CAREC Programme in Tbilisi that was focused on the development of financial technology in the region. Photo: Ministry of Economy
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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.
Georgian Deputy Economy Minister Guram Guramishvili on Tuesday highlighted the country’s role in the development of the Transport Corridor Europe-Caucasus-Asia, an initiative involving the European Union and states of Eastern Europe, South Caucasus and Central Asia.
Georgian Prime Minister Irakli Garibashvili on Thursday highlighted the country’s economic progress since the Covid pandemic at the Annual Central Asia Regional Economic Cooperation Ministerial Conference, telling the event the national economy had rebounded with a “double-digit” growth of over 10 percent over the past two years.
Georgian Prime Minister Irakli Garibashvili on Thursday addressed the 22nd Annual Central Asia Regional Economic Cooperation Ministerial Conference in the capital city of Tbilisi to highlight Georgia’s “unique” role in contributing to “shared regional prosperity” with its economic development.
Masatsugu Asakawa, the President of the Asian Development Bank, on Tuesday arrived in Georgia, on his first official visit to the country, to participate in the Central Asian Regional Economic Cooperation Forum.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday told the Central Asian Regional Economic Cooperation Programme meeting in the capital city of Tbilisi, the country was “continuously strengthening” its financial technology sector and exploring opportunities for regional cooperation in the area.