New program to support foreign investment in Georgia
By Nika Gamtsemlidze
Monday, November 23
Economy Minister Natia Turnava stated the government approved a new program to support foreign investment projects in Georgia. According to Turnava, in the framework of the new program, companies that are created with the foreign capital and plan to enter the Georgian economy will be able to benefit from the program.
The program provides companies with a so-called FDI Grant in the amount of 1 million. To receive this grant, the company should invest at least 10 million Georgian lari and employ at least 150 people.
According to Turnava, the purpose of the grant is to train local employees, as well as various small infrastructural works that they may need during the transfer of production or the creation of new products.
The Minister of Economy said that the government has been discussing the program for a long time. They have decided to put the spotlight on the industries such as manufacturing.
“In particular, it is the production of electrical and electronic engineering products, the production of vehicles and their parts, the production of machines and their parts, it is the logistics and warehousing, repair and maintenance of aircraft and several other fields,” added Turnava.
According to the minister, the mentioned program will be a part of the Enterprise Georgia program.
In the second quarter of this year, the amount of foreign direct investment in Georgia amounted to 237.8 million dollars. This number is 0.5% more compared to the same period of the previous year.
The grant is a result of a work of several months of the Enterprise Georgia program. The main aim of the program is to help the country to increase the direct foreign investment in Georgia, tech inflow, and new jobs in the country. If a company wants to be part of this program, the representatives should apply to the Enterprise Georgia program.
The Enterprise Georgia program aims at supporting entrepreneurs and increasing export potential in the country.
