MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili attended the opening event of the International Real Estate Week. Levan Davitashvili spoke about the importance of growth and improvement of the construction and development sectors and their role in the process of economic growth of the country in his speech at the event held in the “Expo Georgia” exhibition centre.

“Development of this sector is very important for us, it is directly related to economic growth, it is quite inclusive and many groups of the population of our country are involved in it. The development and construction sector also has a great role in the spatial development of the country. A high-quality construction sector will allow us to create more additional value by developers, to attract more investments to the country,” – the Minister of Economy and Sustainable Development noted.

Real Estate Week is an annual event organized by Expo Georgia and the Georgia National Association of Real Estate (GNARE). Three events are held within the week: real estate exhibition; Construction exhibition - Caucasus Build and real estate forum. The LEPL “National Agency of Standards and Metrology and the LEPL Unified National Accreditation Body - Accreditation Centre under the Ministry of Economy and Sustainable Development participate in the week and the Minister of Economy and Sustainable Development Levan Davitashvili together with the Deputy Minister, Genadi Arveladze visited their joint stand.

As the First Vice Prime Minister noted, the week will allow representatives of the sector to provide information about the newest trends to local community as well as potential investors - about the investment climate of Georgia, possible commercial deals and new business contacts.

In his speech, Levan Davitashvili focused on the current trends in the growth of the Georgian economy in general, including foreign direct investments. According to his information, during the last years, investments in Georgia were at the highest level, and direct foreign investments in relation to the gross domestic product are also at a very high level - in the last three years in the amount of 5,5 million USD.

“We will maintain these positive economic trends this year as well. The country’s macroeconomic situation is quite stable and sustainable, and this is a prerequisite for focusing on long-term development. According to the data of the first quarter of this year, we maintained the trend of high economic growth, in February GDP growth was 9,5%. Our expectation is that the economic growth should be higher than planned in 2024 as well, this is confirmed by the forecasts of leading financial institutions. The International Monetary Fund determined our forecast at 6,3%, which is the highest not only among the countries of the region, but also among the countries of Europe and the wider region,” – the Minister of Economy and Sustainable Development stated.

Levan Davitashvili made a special emphasis on the role of the Ministry of Economy and Sustainable Development in the reforms and regulatory decisions carried out for the further, stable development of the sector and existence of a competitive environment. As he noted, the Ministry is actively working on the introduction of the Eurocodes - the adaptation of Eurocodes in Georgia should be completed this year and next year, and after the transition period, the country should be fully in line with the European requirements in terms of higher quality, sustainable and durable buildings. In addition, the coordination of the process of implementation of the Eurocodes for the introduction of common building materials, construction practices and Eurocodes in the construction sector is underway. The Ministry has already completed the work on insulation requirements for buildings, the regulation in accordance with the European standard has been prepared. Also, the Ministry of Economy completed the development of insulation requirements for buildings, the system of certification of architects and construction engineers, etc.

“Stimulating measures, which will help the real estate market in general, will be continued. We have certain outlines that we want to use this year, which, on the one hand, are directly related to the development of the sector, and on the other hand, to economic growth,” –  Levan Davitashvili noted.