MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili attended the presentation of the Invest in Georgia 2020-2023 report. In his speech, Vice Prime Minister evaluated the work done by the Enterprise Georgia Agency in terms of attracting investments and talked about the current situation in this regard as well as the further prospects of the country in general.

“The investment direction of the Enterprise Georgia Agency was really successful, and the 2020-2023 strategy was truly result-oriented. One of our priority directions is attracting investments. In general, direct foreign investments for economic development and economic transformation have a special role in Georgia’s economy,” – the Vice Prime Minister stated.

The Invest in Georgia 2020-2023 Report was presented by the Director of the Enterprise Georgia Agency, Mikheil Khidureli. Minister of Foreign Affairs of Georgia Ilia Darchiashvili, Minister of Finance Lasha Khutsishvili, members of the Parliament, representatives of diplomatic corps, international organizations and investment and business sector attended the event.

According to Levan Davitashvili, last year Georgia had a record level in terms of attracting direct foreign investments - in 2022 their volume amounted to 2,098 billion USD. As the Minister of Economy noted, it is even more important that this positive dynamic is maintained in 2023, since according to the data of the first two quarters, the volume of foreign investments has already exceeded 1 billion USD. It is also important that the geography and the sectoral direction of those investments are diverse and diversified.

“Despite the speculation, the geography of our investments is quite diverse and it is not connected to a single country. Up to 50% of direct foreign investments, i.e. almost the half, come from EU countries, followed by the United States of America and the Persian Gulf countries. Of course, this is the result of a deliberate policy, as well as the merit of the Enterprise Georgia Agency team. Accordingly, we can assess that the investment activities of the Ministry and the implementation of the 2020-2023 investment strategy were successful” – Levan Davitashvili said.

The Minister of Economy also highlighted that the fact that the largest international corporations started operating in Georgia, such as one of the leading chemical production companies Indorama, large energy companies - TEPCO, MASDAR and others, shows the effectiveness of the work done in terms of attracting investments. According to Levan Davitashvili, several large companies are also in the process of making decisions.

“This is not just about the economic growth, it is not just about the numbers and the results, but it is about the direct employment and the new jobs. Therefore, the role of investments is very high and important in this regard. In recent years, two new sectors have been formed in Georgia – the IT and the Business Process Outsourcing (BPO), which are important employers today,” – Levan Davitashvili said.

Vice Prime Minister forecasted that the positive dynamics in terms of attracting direct foreign investments in Georgia will continue in the future as well.