PM highlights Georgia’s economic growth, stability, global partnerships at World Governments Summit in Dubai

Georgian Prime Minister Irakli Kobakhidze on Tuesday delivered a keynote speech at the World Governments Summit in Dubai.

“I extend my warmest greetings to His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the UAE and the Ruler of Dubai, and the esteemed members of the UAE Government. Your generous hospitality and unwavering commitment not only made this summit possible but also elevated it into a truly impressive and impactful gathering.

Only through open and continuous discussions can we build mutual understanding and make informed decisions for the benefit of all. The distinguished participants here have the expertise and influence to shape events, drive positive changes, and contribute to a more secure and prosperous future.

Despite the challenging geopolitical environment, our government has remained steadfast in upholding the principles of economic growth, social equality, security, and stability in Georgia. Our commitment to promoting a resilient and competitive economy has not only driven domestic growth but also laid a strong foundation for expanding our international partnerships.

One such remarkable partnership is with the United Arab Emirates, a country with which we share common interests and goals. Our aligned vision and mutual objectives provide the groundwork for cooperation that strengthens our bilateral relations and contributes to global progress.

Both Georgia and the UAE hold strategic positions as global crossroads. Georgia serves as a vital gateway between the East and the West, while the UAE plays a central role in connecting key global regions. This advantageous positioning has established both nations as crucial hubs for international trade, logistics, and global connectivity, driving the growth of our partnership and creating new opportunities for collaboration.

A recent successful example of this partnership is the signing of a memorandum that envisions an unprecedented investment in Georgia—an investment of 6 billion dollars. This investment will be implemented by EMAAR Group and Eagle Hills.

Through effective governance and forward-looking policies, Georgia achieved remarkable economic growth in 2021-2023 with an overall of 9.7%. According to preliminary estimates, in 2024, economic growth reached 9.5%.

According to IMF projections, Georgia will ensure the fastest economic growth in the medium term amongst regional and European countries. Georgia’s FDI to GDP ratio is one of the highest amongst peer countries and exceeds 6% on average in 2022-2024.

The record figures were observed in the export of goods and international tourism receipts. In 2024, exports of goods increased by 7.8 percent and amounted to 6.6 billion USD, while tourism revenues increased by 7.3% and amounted to a historic maximum of 4.4 billion USD.

Additionally, Georgia has maintained one of the lowest inflation rates in the broader region, further showcasing its economic stability. The coexistence of low and stable inflation alongside robust economic growth could be attributed to improvements in productivity and potential GDP.

Under our government, the country has made significant progress in creating a business-friendly environment and expanding economic opportunities. With a highly favourable trade framework, Georgia enables companies to access 2.3 billion consumers without facing customs or import tariffs.

In the World Bank's Business Ready 2024, Georgia is in the top three amongst 50 countries, along with Singapore and Estonia. The purpose of the B-READY rating is to quantitatively and qualitatively evaluate the business environment for the development of the private sector.

According to the 2023 results of World Bank “Enterprise Surveys”, the business environment in Georgia is better in almost all aspects compared to both the World and European and Central Asian countries' average data.

Additionally, Georgia remains the 3rd least tax burden (rate – 9.9%) country globally, according to the World Bank.

According to the Fraser Institute's “Economic Freedom of the World 2024”, Georgia ranks 21st globally. Georgia is ahead of 19 EU member countries and is the unquestioned leader amongst all EU candidate countries and the wider region. According to the Open Budget Survey (OBS), conducted by the International Budget Partnership (IBP), Georgia is 1st in the world in terms of Budget Transparency.

Based on the Investment Policy Assessment, Georgia was ranked for the first time in the FDI Regulatory Restrictiveness Index of the OECD and additionally took the 8th position amongst the most open economies in the world in terms of attracting investments.

The Heritage Foundation “Index of Economic Freedom 2024” ranks Georgia 19th position in Europe, ahead of many EU countries and 7 EU candidate countries.

According to the World Justice Project “Rule of Law Index 2024”, Georgia is ranked 1st in the region of Eastern Europe and Central Asia. In the upper-middle income countries, Georgia is in the TOP 7 out of 41 countries. As to the NUMBEO Crime Index 2024, Georgia ranks 8th in Europe and 20th in the world as one of the safest countries globally.

Georgia can serve as a natural bridge on the one hand between Europe, the Middle East, and South Asia, and on the other hand to Central and East Asia. The international connectivity routes provide an opportunity for Georgia to become a major node and digital hub for Europe-Asia. By sharing a border with the EU via the Black Sea, Georgia is the only link to develop data connectivity corridors in the short term, between Europe and the Middle East and South Asia, as well as in the medium-to-long-term, between Europe and Central and East Asia.

In line with these efforts, the Georgian government welcomes investments from the United Arab Emirates and the interest of major development and logistics companies in investing in Georgia. Abu Dhabi Ports Group has signed a MoU partnering with Georgian stakeholders to develop a dry port in Tbilisi, leveraging its expertise in logistics and intermodal transportation. This initiative aims to transform Tbilisi into a strategic inland hub, connecting Georgian ports on the Black Sea with broader regional trade networks.

The peaceful and stable development of our country will continue, driven by our commitment to progress and resilience. The achievements outlined above highlight Georgia’s potential to build a stronger, more dynamic, and forward-looking economy.

The UAE stands as a remarkable example of economic success—a nation that has demonstrated innovation, resilience, and sustainable growth. Its progress serves as both an inspiration and a valuable model, reinforcing the idea that strategic vision and determination can drive lasting prosperity.

Finally, I sincerely thank the organisers for making this Summit possible. This is more than a gathering—it is a commitment to progress. With vision, determination, and unity, we will shape a stronger, more prosperous future”, the PM said.