Irakli Nadareishvili, the Deputy Economy at the ADB (Asian Development Bank) annual meeting underlined the “stable, comfortable, predictable” business environment in Georgia. He was speaking at the 57th session of the ADB being held in Georgia’s capital Tbilisi.
He stressed that the government is committed to provide a stable business environment to business enterprises all the time and will take more decision in future in this direction. He said that the positive assessment of Georgia’s economy by the International Monetary Fund is a reflection of the successful economic policies of the Republic of Georgia.
According to him the economy faced many challenges during the pandemic, however, the government was successful in overcoming the challenges posed by the adverse factors. He noted that the double-digit progress of the economy was recorded in the year 2021-22 and received foreign direct investment in the amount of $2 billion which is eight percent of the gross domestic production in 2022.
Moreover, the exports from Georgia along with the tourism industry also recorded huge growth in the following years of the pandemic that had caused harm to almost every country’s economy. The development of the Middle Corridor connecting Central Asia and China to Europe via the South Caucasus was also mentioned in the speech of the minister. According to him the geographical location of Georgia makes the country an important player in the corridor.
It is to be noted that the “successful trade policy” provided georgia’s access to “almost one-third” of the global consumer market and the country has become “one of the leading countries” in terms of ease of doing business. Minister further laid focus on the fact that the rate of reinvestment in Georgia was “high” at over 65 percent, which is a clear indication of the country’s growth in the last years.
Additionally government is taking many initiatives to promote the business environment of the country. Some of the measures also included the Government’s business promotion plans, start-up ecosystem, and capital market development programs.
