Georgian Parliament Speaker: key strength of Georgia’s economy lies in its diversification and independence

Georgian Parliament Speaker Shalva Papuashvili on Monday said the key strength of Georgia’s economy was its diversification, arguing that the country is not dependent on any single economic partner.

In his remarks, Papuashvili noted that Georgia’s diversified economy has enabled it to withstand numerous crises, including conflicts in the region, while continuing to grow.

“Our economy is not dependent on anyone. Trade with Russia accounts for around 12%, if I am not mistaken. The strength of our economy lies precisely in the fact that it is diversified. That is why it has withstood the external crises and shocks that have existed in the region”, he said.

Papuashvili highlighted that Georgia maintained economic growth despite several wars taking place in neighboring regions.

“Imagine that several wars were taking place around us, yet Georgia’s economy continued to grow and did not suffer damage. The entire rationale behind the Georgian government’s policies is to maintain a diversified economy so that we are not vulnerable to external developments”, he added.

The Parliament Speaker further argued that international political alliances and relationships can change rapidly, making economic diversification essential.

“After our war, the European Union deepened its political and economic relations with Russia. Germany began construction of the Nord Stream pipeline with Russia. Everyone embraced Russia, and then, at a certain point, they became adversaries. There is an expectation that we should build our foreign policy based on how Brussels or other bureaucrats happen to wake up tomorrow. We do not believe that is the right approach”, Papuashvili concluded.