MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Deputy Minister of Economy and Sustainable Development of Georgia, Irakli Nadareishvili, participated in the summarizing event of the thirteenth round of the 150000 GEL Co-financing Grants Program where 20 winner startups were identified. The Program has been implemented by the LEPL Georgian Innovation and Technology Agency of the Ministry since 2018, and within thirteen rounds, a total of 255 startups received relevant funding.

The Deputy Minister congratulated the organizers of the Program, startups and members of the investment committee, who identified 20 winners.

As Irakli Nadareishvili said, the state has invested 40 million GEL in the Co-financing Grants Program since its launching.

"Up to this day, an incomplete number of winner startups have managed to generate over half a billion GEL of income and investment, which is a very good indicator and a successful outcome. In a very short time, we, all together, were able to form a dynamically developing Georgian innovative startup ecosystem, which has a claim to become a center of attraction of regional importance," – the Deputy Minister stated.

Irakli Nadareishvili focused on the government's decisions aimed at the development of the innovative ecosystem in the country drawing special attention to the introduction of the special status of the international company, which was presented three years ago by the government for the rapid development of the technological sector in the country. The Deputy Minister noted that the decision was the precondition of Georgia’s becoming the most attractive country in the wider region for technological and IT companies to migrate and start operating here. According to Nadareishvili, in the last 3 years, about 150 such companies have started their activities in Georgia, where over 10 000 local and international specialists are engaged.

"In 2023, the export of IT services is increased from almost zero to 900 million USD, and this changed the structure of the country's exports. This gives us the ambition to make the Georgian innovative startup ecosystem the leading one in the region and attractive to both – the startups and the investors," the Deputy Minister noted.

Irakli Nadareishvili noted that in order to maintain the country's sustainable economic development and high economic growth rate, it is important to develop innovations and technologies in the country and transform the economy through them, including the strengthening of traditional sectors in the direction of modern technologies and innovations.

The Deputy Minister made a special emphasis on the technological project of regional importance in Kutaisi, where, together with other various components, the center of artificial intelligence will be launched for the first time in Georgia. Irakli Nadareishvili added that the specialists will work in the mentioned center to introduce artificial intelligence in the Georgian defense system, education system, public services and ultimately, in business and economy. 

In his speech, the Deputy Minister also talked about various projects that will be implemented for the further development of the innovative startup ecosystem.