MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Deputy Minister of Economy and Sustainable Development, Nikoloz Alavidze, participated in the presentation of the IICI, which will be implemented by the LEPL Innovations and Technologies Agency of the Ministry of Economy and Sustainable Development of Georgia with the support of the EU and the World Bank.

Nikoloz Alavidze, in his welcoming speech, thanked the World Bank and the European Union for the strengthening of institutional capacity of the project and innovations in Georgia. “We need more initiatives to promote innovation ecosystem in Georgia, encourage innovative companies and researchers to enable them to commercialize their own technological ideas and transform them into commercially profitable products. Thus, implementation of this project will be positively reflected on the economic growth,” – Nikoloz Alavidze said.

“The World Bank continues to support the Innovations and Technology Agency, which is in charge of implementation and coordination of the innovation and entrepreneurship policies. Upon the facilitation of the EU and the World Bank’s technical assistance, the GITA is able to take further steps to increase the efficiency of the institutional capacities, introduce technological changes and support innovative star-up companies in terms of improving their investment opportunities,” – the the World Bank's Regional Director for the South Caucasus, Mercy Tembon stated.

“Innovation increases SME competitiveness and creates jobs, and innovation policy is actually at the heart of the EU’s own Europe 2020 strategy for growth and job creation…Further assisting GITA in building Georgia's innovation ecosystem falls naturally in line with the EU’s commitment to supporting business development in Georgia,” – the First Secretary of the Delegation of the European Union to Georgia Stig Kjeldsen commented.

The overall objective of the project is to increase GITA’s internal capacity to develop and implement sustainable, impactful innovation and entrepreneurship policies and programs; test and demonstrate the viability of technology transfer between educational institutions and the private sector in Georgia; improve the deal flow of innovative start-ups ready for investment, and fund availability for early-stage companies. The European Union expects the IICI project to generate what they call “important results,” including easier access to support and finance for small and medium enterprises (SMEs) and innovative companies, a more coherent public approach to supporting entrepreneurs and SMEs, and an overall increase in innovative economic activity 

Increasing Innovative Institutional Capacity (IICI) project is financed by the European Union with 2,7 million Euros and is implemented by the World Bank. The project aims to: a) increase GITA's capabilities and implement innovation and entrepreneurship policies and programs with medium and long term strategies and results; b) Test and demonstrate the possibility of technological innovations between educational institutions and private sectors in Georgia; c) Improve innovative startup investments and financing companies in the early stages.