Investors Council to support Georgian gov’t in developing new investment strategy
At today's video conference meeting council members discussed general economic trends and the current situation in Georgia stemming from the global pandemic. Photo: Gov't of Georgia.
Tweet 
Share
The Investors Council will support the government of Georgia in developing a new investment strategy for the country and will engage in designing steps to attract new foreign investments to the country, announces the government of Georgia.
The Investors Council is an independent advisory body to the Prime Minister of Georgia, with the objective of promoting dialogue between the private business community, international organisations, donors and government for the development of a favourable, non-discriminatory, transparent and fair business and investment climate in Georgia.
At today's video conference meeting council members discussed general economic trends and the current situation in Georgia stemming from the global pandemic, along with measures envisaged in the upcoming phase of the Anti-Crisis Plan which will be revealed this Friday by the government of Georgia.
At present one of the priorities is to support the government to gradually open the economy and address the most pressing issues the private sector faces in order to minimise the impact of the crisis on the private sector and economy. At times like this, the Investors Council platform of cooperation between the public and private sectors proves to be invaluable", said Giorgi Cherkezishvili, head of the Investors Council Secretariat.
Investors Council meeting was led by Maya Tskitishvili, Deputy Prime Minister and Minister of Regional Development and Infrastructure of Georgia in the format of a video conference. Photo: Gov't of Georgia.
Catarina Bjorlin Hansen, EBRD Regional Director for Caucasus also agreed that in the current crisis "effective communication" between the authorities and businesses is "extremely important" to support the gradual opening up of the economy, "once the health situation allows".
We see genuine engagement from both the government and the private sector in this regard. During these difficult times, it is also important to look forward. FDI considerations are expected to change, and Georgia can capitalise on numerous emerging competitive advantages. The Investors Council will create working groups to support in this process", she said.
Investors Council also discussed the steps to be made for letting Georgia gain its place in the global competition of economies at the stage immediately following the fight against the epidemics. It is believed that Georgia should benefit from arising opportunities to develop new venues in the country and attract more foreign investments.
What support can business expect?
The government of Georgia has presented an anti-crisis plan for Georgian businesses in order to ease the burden caused by the coronavirus crisis. The government responded to the demand of the hotels, restaurants, tourist agencies and tour operators in Georgia and decided to postpone payment of property and income tax by four months.
The government of Georgia will unveil an anti-crisis economic recovery plan on April 24, 2020, which will include measures for targeted social and business support.
The government of Georgia has created an anti-crisis economic group as part of the Interagency Council to better manage the coronavirus’ impact on the Georgian economy, announces the Prime Minister Giorgi Gakharia.
The European Union, Asian Development Bank, the European Bank for Reconstruction and Development, European Investment Bank, German Development Fund, French Development Agency will support the Georgian economy with $1.5 billion by the end of 2020, announced Georgian Prime Minister Giorgi Gakharia today.
A number of opposition parties have slammed the Georgian government’s recently announced anti-crisis plan aimed to counter the coronavirus pandemic. On Friday, Georgian government introduced a plan to gradually open the economy step-by-step over the next three months. The plan includes supporting business owners, commercial banks, agriculture and economic of the country during the crisis.
Georgian prime minister Irakli Garibashvili on Thursday told the United Nations general assembly his government was working with the world’s "leading firms and brightest minds" to transform Georgia into a "true multi-dimensional regional hub".
Green economy development initiatives, opportunities and challenges of the mining industry, internationalisation of the Georgian education system, cooperation within the Black Sea platform and the development of the Middle Corridor transit route were discussed in a meeting of the Investors Council led by Prime Minister Irakli Garibashvili on Wednesday.