“The key philosophy and the primary values of Georgian government are to ensure the economic development, security and democracy,” – the Minister of Economy and Sustainable Development of Georgia, Natia Turnava at the 1st Eastern Partnership Investment Forum. Turnava participated in the panel discussion - Challenges and Opportunities for Investment in Eastern Partnership Area – 10 Years after Prague.
The Minister of Economy and Sustainable Development introduced the economic policy and the priorities of the Georgian Government and highlighted that since Georgia is not reach in natural resources, its economy and business climate model is wholly based on being open and advantageous for FDI, maintaining security and predictability of political environment and moving towards technology-and knowledge-driven economy. “Economic policy of the Government of Georgia is based on free market principle, with a special emphasis on private sector development and macroeconomic stability. In line with macro stability, institutional strength represents the solid background for economic development and increasing confidence towards our country,” – Natia Turnava stated.
The Minister also noted that economic growth in the country is supported by structural reforms and the DCFTA reform agenda. “Georgia’s economy has proved resilient to significant economic and financial shocks in the region in 2014-16 and its GDP growth averaged to 3,5% during this period, while many of our neighbors were in or close to recession,” – the Minister commented.
Natia Turnava also emphasized on the fiscal policy which is more oriented on growth, which implies increase of capital expenditures - speeding up implementation of infrastructural projects and gradual decrease of current expenditures, which is another important source of economic growth, in parallel with the private investments that are triggered by the Government capital expenditures. “Maintaining stable macroeconomic environment and continuous implementation of economic reforms was reflected in international credit ratings. Moody's Investors Service has upgraded Georgia’s sovereign credit rating from Ba3 to Ba2. Just as importantly, in February 2019, credit rating agency Fitch has upgraded Georgia's rating to 'BB' from 'BB-' with a stable outlook,” – Turnava said.
Economy Minister introduced the economic indicators of the country highlighting Georgia’s leading position in different international rankings.
“Georgia as a country of only 3.7 million people may seem to be an unprofitable market. However, if you look at Georgia as a regional hub, then it is a completely different story. We see Georgia as a gateway to not only South Caucasus but also Central Asia, European Union and then further to Western and Eastern Markets,” – the Minister added.
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