Georgian Economy Minister: Gov’t actively fosters innovation, high-tech sectors

The Georgian Government is actively promoting the development of innovation and high-tech sectors through state-led initiatives, said on Thursday Mariam Kvrivishvili, the Minister of Economy and Sustainable Development of Georgia, at the Tbilisi Finance Summit, held for the first time within the framework of the Tbilisi Silk Road Forum.

In her remarks, Kvrivishvili highlighted the success of Georgia’s banking sector, its steady progress, and the Government’s strong support in this process.

She further stressed the importance of innovation and high-tech development, emphasising the role of the 500 Georgia venture fund - a $20 million fund co-financed by the state.

“Through this fund, 59 high-tech startups have already received financing. Under four new international acceleration programs - Plug & Play, Founders Institute, 500, and Startup Bootcamp - we plan to train 160 startups annually. Our preferential tax regime in the IT sector already benefits around 180 international companies, with a 5% corporate and income tax rate. Under the latest legislative changes, innovative startups with the corresponding status will be exempt from income tax for three years”, the Minister noted.

Kvrivishvili also highlighted the ongoing project to establish a technology hub in the city of Kutaisi.

“This will be the largest technology hub in the region, featuring an interactive science museum, a technology park, an artificial intelligence center, the TUMO Center for Creative Technologies, and dedicated office spaces for international IT companies”, she concluded.

The Tbilisi Finance Summit focuses on future financial technologies, the development of innovative regional infrastructure, and the role of the Middle Corridor as a key hub for global trade and digital finance.

The event brought together heads of central banks, financial sector leaders, representatives of major companies, and experts from around the world.