MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“The state is an active supporter of the proper development of the banking sector. As a result of our work and engagement, we have adopted a number of laws concerning the development of the capital market, open banking, and open finance, which doubled the capital market in 2023 and maintains a growing trend to this day. Our legislative and regulatory framework stands out in the region for its modern approaches and balances both investor protection and businesses' access to finance” – Mariam Kvrivishvili, the Minister of Economy and Sustainable Development stated in her speech at the Tbilisi Financial Summit.

Tbilisi Financial Summit, held within the framework of the Tbilisi Silk Road Forum, was jointly organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development, and the Singaporean Global Financial and Technology Network (GFTN). Prime Minister Irakli Kobakhidze, Parliament Chairman Shalva Papuashvili, Minister of Economy and Sustainable Development, Mariam Kvrivishvili, and the National Bank President, Natia Turnava, opened the event with welcoming addresses.

Mariam Kvrivishvili highlighted that the Georgian banking sector stands out for its high-tech solutions not only in the region but also in a number of countries around the globe.
“Tbilisi Silk Road Forum, and consequently, Tbilisi Financial Summit, is a crucial platform for regional and global dialogue and cooperation. A clear confirmation of this is the issues on the agenda, including the cycle of future innovations, the role of blockchain and artificial intelligence in the financial system, the challenges of relevant regulations and policies in the region, and the topics of attracting investments and the potential of the Middle Corridor” –  Mariam Kvrivishvili noted.

According to the Minister, the state actively promotes the development of innovation and high-tech directions through its policies.

“The 500 Georgia venture fund, in which the state also participates and which has a size of 20 million USD, is worth special mention. Within the framework of this fund, 59 high-tech startups have already been financed, and we also plan to retrain 160 startups annually within the framework of 4 new international acceleration programs. Approximately 180 international companies already benefit from our favorable special tax regime in the field of information technologies with a 5% profit and income tax. With the latest legislative changes, innovative startups, upon receiving the relevant status, will be free of income tax for 3 years” –  the Minister announced.

Mariam Kvrivishvili also emphasized the importance of the ongoing project to create a technological hub in Kutaisi, in the former Parliament building.

“This will be the largest technological hub in the region, with an interactive science museum, a technology park, an Artificial Intelligence center, the TUMO Center for Creative Technologies, and specially allocated office spaces for international IT companies” – Mariam Kvrivishvili added.

The main theme of the Tbilisi Financial Summit is future financial technologies, the development of the region’s innovative infrastructure, and the Middle Corridor as a key hub for global trade and digital finance.