Enterprise Georgia has presented Investment Promotion Strategy and Action Plan for 2020-2021 earlier today, which aims to attract foreign direct investments in Georgia and create 3,500 new jobs in the highest paid, perspective fields.
Economy Minister Natia Turnava noted that the share of Georgian FDIs in gross domestic product is three times more compared to the region countries and many European countries.
Turnava noted that there was a 13.7 per cent growth in FDIs in quarter three of 2019, and that reinvested profit has doubled.
“Investor confidence in the Georgian economy is growing,” said Turnava.
Director of Enterprise Georgia Mikheil Khidureli presented the strategy earlier today.
The investment promotion strategy includes:
- the selection of priority sectors for 2020-2021
- investment attraction (direct communication, indirect communication, image-building)
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Investment sectors should be selected by the following criteria:
- fully aligned with the country’s economic strategy (inclusive economic growth where every citizen is involved)
- increase knowledge and know-how in the country
- increase technology and technological advances
- export-oriented
- attractive for investors
- should have a competitive advantage
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The selected sectors are the following:
- hospitality and read estate
- business process outsourcing (BPO)
- apparel and footwear
- electronic equipment components
- automotive and aerospace components.
As a tool of the investment attraction process, direct communication will include studying 7,000 companies and choosing 700 of them with which Enterprise Georgia will have direct communication through meetings, visits to Georgia.
By direct communication with investors, the agency aims to carry out 10 large and 16-20 medium-sized investment projects worth $225 million in total.
Indirect communication entails cooperation with location advisors, companies which give advice to investors on where to invest.
