Economy

“Startup Investment forum” held in Batumi

In Batumi City of Georgia, a Startup Investment Forum was held. This was aimed at promoting the startup ecosystem in Adjara, Batumi.

The main objective of the forum was to increase the involvement of the private sector in promoting local innovation and technology strategy. On this occasion, the Batumi
City Hall startup ecosystem Developmet Protfolio and investors association “Axel ” presentation was held. Some other presentation was held on local startup. The members of the Investor’s Union also shared their views and experiences with the participants of the event.

It is to be specifically mentioned that the forum was attended by representatives of Batumi City Hall and Adjara Government, Along with representatives of the United Nations Development Program(UNDP), USAID(United States AID) and the private sector.

At this occasion, representatives of local startups introduce the investors to their products and services. The Ministry of Finance and Economy and the Private sector supported the forum. The other partners of the forum were M4EG(Mayors For Economic Growth) and USAID’s Economic Security Program.

The forum was attended by a large number of local, regional and international startups. Many startups expressed their interest in establishing their business units in this region of Georgia.

Many representatives of Government, non-government and private sectors addressed the gathering. The organiser of the event said that this was held to boost the business environment of the region. It was explained to participants the various measures and policies of local government to make the region more Business-friendly.

With the development of industrialisation every region of Georgia is making an effort to attract the maximum number of investments. This Forum of Batumi Administration is also an effort in this direction.

In the last three to four decades Industrial sector has become the major source of employment. The culture of Multinational companies also helps to boost industrialisation.

Key speakers at the event also stressed the need for a skilled workforce. In the present technology-driven era, a highly skilled workforce is needed. The emergence of Artificial technology also raised the demand for a highly skilled workforce.

The taxation system of any region also plays a vital role in the development of the industrial sector especially new startups.

The local administration of Batumi assured the investors and new startups to develop a business-friendly taxation system. They also stated that if there will be any need to introduce the new law of polices, that will also be brought into place as per the demand of investors and startups.

The participants of the events said that this was a productive session of the Forum and will play an important role in bringing large investments in any particular region of any country.

Zurab Kvaratskhelia

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