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Georgia creates agency to stimulate entrepreneurship

by | Jan 15, 2014
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Prime Minister Irakli Gharibashvili. (Interpressnews.)

TBILISI, DFWatch–The Georgian government plans to create an Entrepreneurship Development Agency to spur the growth of business.

Prime Minister Irakli Gharibashvili said this on Wednesday during a meeting with representatives of the business community.

Gharinashvili said it was agreed at a meeting of the Georgian Co-Investment Fund, organized by former Prime Minister Bidzina Ivanishvili, to have a private investment fund that offers special opportunities and advantageous conditions for potential investors who consider making direct investments in Georgia.

Gharibashvili said there is so far USD 6 billion of capital in this fund.

Another goal is to set up an Entrepreneurship Development Agency to support primary business.

“We must create conditions which will help commercial banks to be able to [offer] credit to newly started businesses,” he said.

The PM recalled the successful negotiations with the EU about a Deep and Comprehensive Free Trade Agreement which is able to create potential for Georgia to enter a market of 500-million people.

“All of this increases Georgia’s export potential, which is extremely important for the development of the Georgian economy,” he continued.

Gharibashvili says the government understands its role in this process and sees opportunity for achieving the main goals of the country, like attracting foreign direct investments, stimulating the real sector of the economy and supporting local entrepreneurship.

One of the main priorities of the government is to attract investments in the energy sector, he added.



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