USAID and Enterprise Georgia have launched a two-year partnership that aims to facilitate Foreign Direct Investment (FDI) in Georgia’s economy. According to USAID’s official statement, the initiative will promote high-value opportunities for international investors, helping the country’s business sector recover from the COVID-19 pandemic and create higher-value jobs for Georgian citizens.
USAID and Enterprise Georgia launch two-year partnership to support Georgia’s economy.
By Khatia Bzhalava
Tuesday, December 8
As the statement notes, with financial assistance from the USAID, the investment team of Enterprise Georgia agency will work closely with OCO Global, which is a foreign investment advisory firm, to promote the attraction of high-value investment opportunities into Georgia’s economy and to raise awareness about Georgia’s economical potential among international investors.
The initiative will prioritise investment in greenfield and export-oriented projects, such as high-value manufacturing including electronics, medical instruments, aerospace parts, and automotive parts.
“This new partnership will help move Georgia’s economic recovery forward, channeling investment into innovative industries that create higher-paying jobs and make Georgia competitive on international markets,” USAID/Georgia Mission Director Peter Wiebler said.
According to Enterprise Georgia CEO Mikheil Khidureli, the partnership helps accelerate the implementation of one of the key goals of USAID’s new strategy for Georgia, which includes empowering the private sector to create higher-value job opportunities.
“Working with OCO Global, a renowned foreign investment advisory firm, will broaden our investment attraction area to a global scale,” stated Khidureli.
The USAID’s statement reads that partnership with Enterprise Georgia is exemplary of USAID’s approach under its new 2020-2025 Country Cooperation Development Strategy, which assists Georgia. Over the next five years, USAID will increase its support for private sector innovation, investment attraction, and tie-ups with lucrative markets, supporting Georgian firms to earn more revenue and create higher-paid jobs countrywide.
The statement also notes that USAID programming will further enable economic growth in the country by helping Georgia fully implement Euro-Atlantic-oriented economic reforms and by supporting significant economic fields to become more competitive. “That includes efforts to ensure that Georgian firms have access to lucrative markets, diverse sources of investment, sustainably-managed natural resources, and a workforce trained to meet the needs of the labor market,” the statement reads.