Georgian Economy Minister: economic development corporation to boost strategic investment, competitiveness

Georgian Economy Minister Mariam Kvrivishvili on Tuesday said the Georgia Economic Development Corporation would expand the government’s capacity to support major strategic projects, introduce new financial instruments and strengthen the country’s economic competitiveness.

Kvrivishvili made the remarks at the presentation of the Georgia Economic Development Corporation, noting that the country’s economy has evolved significantly, requiring changes to the instruments used to implement economic policy.

“Ten years ago, our main task was to create the initial conditions for businesses to grow. Today, we are talking about increasing economic productivity, producing higher-value-added goods, attracting major strategic investments, developing the capital market and substantially strengthening Georgia’s international competitiveness”, Kvrivishvili said.

According to the Minister, the establishment of the corporation reflects these changes and creates new institutional opportunities for promoting economic development.

“By establishing the new corporation, the state is creating an entirely new institutional capacity to support economic development. We are bringing together financial resources, business support mechanisms and development instruments within a single system to make government support more effective, targeted and results-oriented”, she said.

Kvrivishvili added that the corporation would retain existing programs that have helped thousands of entrepreneurs succeed over the years, while support for small and medium-sized enterprises would remain a key priority of the country’s economic policy.

She also highlighted the corporation’s expanded mandate and broader operational scope.

“The Economic Development Corporation will be able to participate in major strategic projects, including in the energy sector; use new financial instruments; provide loans; make equity investments; and support investment funds and the development of the capital market”, Kvrivishvili continued.

She noted that the corporation would give the government a more flexible and powerful tool for supporting economic projects that create high-paying jobs, increase exports, develop modern industries and strengthen Georgia’s economic independence and competitiveness.