First Vice PM reviews Georgia’s investment climate, economic outlook in Reuters interview

Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, on Wednesday said Georgia's stable geopolitical environment was a fundamental factor for investors, contributing to the attraction of over $5 billion in foreign direct investment over the past three years.

In his interview with Reuters, Davitashvili noted that the nation had an ambitious goal to reach €9 billion in investment by 2028.

“How will we achieve this? We have demonstrated that we are a reliable partner for international companies. Moreover, macroeconomic stability plays a crucial role and serves as a strong message to global investors”, the First Vice Prime Minister said.

He further highlighted Georgia's sound fiscal policies, noting that the budget deficit was below 3 percent, with inflation remaining low, a result of prudent monetary policy.

“We are optimistic, and this is not just our subjective assessment, that Georgia's economy will grow very rapidly. The International Monetary Fund predicts that Georgia will grow by more than 5 percent in the next five years, which is a breakthrough from the current structure”, Davitashvili continued.

Davitashvili emphasised the importance of innovation and technology for global competitiveness, revealing plans to establish major technology and innovation centres across various regions of Georgia.

Davitashvili stressed the significance of attracting high-quality investments and know-how to enhance competitiveness, productivity, and introduce new technologies, all of which he said would positively impact the Georgian economy.