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Friday, March 29, 2024

Georgia records unprecedented 10.2% economic growth

Tbilisi: "In the last nine months, there is 10.2% economic growth in Georgia, this is unprecedented in the whole of Europe"' - Georgian Prime Minister Irakli Gharibashvili said at a government meeting.

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Tbilisi: “In the last nine months, there is 10.2% economic growth in Georgia, this is unprecedented in the whole of Europe”‘ – Georgian Prime Minister Irakli Gharibashvili said at a government meeting.

According to the government chief, the country is expected to have double-digit economic growth by the end of the year.

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“I want to touch economic growth. Be advised that amid the ongoing geopolitical challenges and tensions, we maintain high economic growth in the country. There has been 10.2% economic growth in Georgia for nine months.

 This is unprecedented in all of Europe. I also want to say that the export surged by 40% and in 9 months 37.4%. Export revenues amounted to 4 billion US dollars.

Tourism recovery is picking up at a rapid pace. If we compare to 2019, tourism has recovered by 97.5%. Revenues from this amounted to 2.5 billion US dollars.

“I don’t want to make a prediction, but we expect to maintain such high economic growth by the end of the year and expect double-digit economic growth,” the prime minister said.

Georgia, of course, has quite large resources, especially hydro resources, so this resource needs to be used and utilized wisely as possible. “This is our main priority, and that is in this direction, over the last few months, we have been actively working,” Georgian Prime Minister Irakli Gharibashvili said at a government meeting.

As the head of the government noted, it can be said that in the next three years, with all the listed projects will be designed and launched, we expect at least a $ 3 billion investment in the energy sector.

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“The second thing I want to talk about is our promise. Recall that most of this war in Ukraine and the crisis has exposed once again the difficulties that countries and states face, energy security and energy independence. Georgia, of course, has quite large resources, especially hydro resources, so, this resource needs to be used and utilized as wisely as possible. This is our main priority, and that is where we have been actively working over the last few months.

 We had consultations with the IMF, and with them, the scheme, which we are presenting now, can be said to have been agreed upon, passed and will be officially approved in a few days. So, what do we mean by the new proposal, the new scheme, is to remind you that in recent years the so-called guaranteed purchase scheme was suspended, and memorandums have been issued for about 800 MW hydroelectric power plants. 

However, although some have already started construction, these contracts have not been signed. This one issue, another issue, was vague, so to say, the fate of new projects and investors, in general, needed more clarity. Therefore, the new scheme is as follows – the state-operating power plant, 15 years after launch, the so-called CFD contract, supporting energy projects is the scheme we proposed to all the investors in BT. 

The new support scheme includes auctioning off the construction of a total of 1,500 MW power plants over the next three years. This does not include, of course, the 800 MW, which I mentioned earlier, and also does not include large projects like Namakhwan, Nenskra and Khudon.

So in total, by promoting this 1,500 MW power construction alone, we expect an investment of approximately $2.2 billion. 800 MW projects will be added to this and the larger projects, which we will discuss separately. At the very least, in the next three years, with all these projects being designed and launched, we expect at least $3 billion in investments in the energy sector. 

This is a very important decision, because, on one hand, we make it clear, on the other hand, I declare that this is our top priority and of course, the investors will have maximum support. I also want to say that, especially when we have double-digit economy growth of 10 per cent for the past two years, generation can’t grow naturally; consumption is increasing, and all this is going to cause difficulties for the next few years All the way through.

 If we don’t start building new hydroelectric stations, it is of the utmost importance, my dear friends, and I want to say that our main task should be rational, wisely utilizing all the resources the country has, especially is “Renewable energy, clean energy, environmentally friendly, so to say, and that certainly needs more support,” – said the Prime Minister.

The last thing I want to tell the public about is the nut promotion program. Remember, many of our citizens are involved in this sector, nut production. Unfortunately, the negative effects of measles are still present. If I am not mistaken, in 2017 wheat was introduced and it caused a huge decrease in nut production. It will remind you that the harvest was not good this year. The quality was comparatively deteriorated, adding that demand decreased and prices fell due to the global economic crisis. 

Therefore, in view of all this, we decided to encourage and promote farmers and individuals working in this sector, to help them as much as possible, – Georgian Prime Minister Irakli Gharibashvili said at a government meeting Annnnndddddddddddd he said it.

According to the Premier, the programme intends to promote the primary production of nuts by subsidizing the cost of nut care/inputation of commodities. The head of the government also spoke about the vintage and noted that about 250 million GEL entered Kakheti region.

“The programme is aimed at promoting primary production of nuts by subsidizing the cost of nut care/importation of goods.” We will allocate 20 million GEL at the first stage for this, and Mr Otari will tell you about this in detail later. We must do our best to help all the people involved in this sector, and especially in Samegrelo, there are many people involved in the sector and need our maximum support, just like we help grapes, etc.

 I would also like to say that the antique has been successfully completed, about 250 million GEL has been entered, they say, in the Kakheti region, and I would like to thank Mr. Otar Shamugia, he successfully carried out the vintage and all the agencies involved in this process,” – The Prime Minister has said.

 

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