Georgia’s economic growth rooted in strong business climate, says Imedi TV owner Irakli Rukhadze

Irakli Rukhadze, the owner of Imedi TV, on Thursday spoke at the Tbilisi Regional Forum for Sustainable Development, emphasising Georgia's growing appeal on the global economic stage. The forum, themed The Role of Peace in Sustainable Socio-Economic Development, brought together leaders and experts from across the region.

In his remarks, Rukhadze described Georgia as an increasingly attractive country thanks to its diversity, stability, and favorable investment environment.

He noted that peace, which has been maintained in the country, is a key factor in creating a strong foundation for economic growth and investor confidence.

He then delved into specific indicators and indices where Georgia holds a leading position globally.

“It is very important for Georgia to maintain the business environment that it has, which is very positive. This is reflected in our economic growth. According to the World Bank, based on real data for the past five years and projections for the next five, Georgia ranks second in the world for economic growth out of 200 countries”, Rukhadze said.

“We are among the top ten countries globally in the Ease of Doing Business Index. In terms of corruption perception, we outperform many European nations. We also have a transparent and easy-to-administer tax system, which means limited and predictable government interference in people’s lives”, he continued.

Rukhadze emphasised that Georgia’s geographical location and natural resources - such as water and energy - provide a solid base for developing diverse industries.

“I often say, thank God we don’t have oil or gas, because those resources tend to concentrate power and wealth in a few hands. Instead, we have opportunities that are more evenly distributed and sustainable”, he noted.

Rukhadze highlighted that Georgia possesses a fairly diversified economy. However, he acknowledged the challenge posed by its smaller population of 3.8 million, which might deter some larger investors looking for bigger markets.

To address this, Rukhadze suggested exploring the possibility of creating a unified investment space with neighboring countries like Armenia and Azerbaijan.

Despite this challenge, Rukhadze expressed optimism about Georgia's current trajectory.

“We are developing wonderfully, and this is reflected in our growth," he stated. While acknowledging the universal desire for even higher growth rates. We are doing great with the percentages we are growing at. So, we don't need anything extraordinary”, he concluded.