Economy Minister: Georgia will have new, sustainable mechanisms to support energy projects
The Minister highlighted that despite the decline in Georgia’s exports to Ukraine and Russia, it had been compensated with increases for the United States, Bulgaria, Switzerland, Turkey and Georgia's other neighbouring countries, adding domestic exports had increased by 31.1 percent in 2022. Photo:Ministry of Economy
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Georgia will have new, fiscally sustainable mechanisms to improve the support framework for energy projects, which will help to ensure energy independence, Economy Minister Levan Davitashvili said on Friday at a plenary session of the Georgian Parliament.
Davitashvili noted the “current geopolitical developments” had made the importance of energy independence and security “even clearer”, adding “one of the most important” components of the country's energy independence would be the so-called Flagship project of a Black Sea submarine transmission cable, which involves the construction of a new cable connecting the Georgian and Romanian power systems.
The Minister highlighted that despite the decline in Georgia’s exports to Ukraine and Russia, it had been compensated with increases for the United States, Bulgaria, Switzerland, Turkey and Georgia's other neighbouring countries, adding domestic exports had increased by 31.1 percent in 2022.
Davitashvili also spoke about the positive trends in terms of employment, noting the unemployment rate had decreased in the first quarter of 2022 compared to the previous year by 2.5 percent, explaining the post-pandemic recovery of the economy in 2021 had “contributed” to the reduction of the poverty level by 3.8 percent.
Economic growth of Georgia in 2022 should be higher than forecasts released by financial institutions, Economy Minister Levan Davitashvili said on Friday at a plenary session of the Georgian Parliament.
A total of 17.5 percent of the Georgian population was under the absolute poverty line in 2021, a 3.8 percentage point decrease compared to the previous year, the latest data of 2021 poverty indicators published by the National Statistics Office of Georgia show.
Prospective investments in Georgian logistics, renewable energy development, business process outsourcing and information technology were discussed by Levan Davitashvili, the Georgian Economy minister, and Judith Pryor, the Vice-Chair of the Export-Import Bank of the United States, the Economy Ministry announced on Tuesday.
Ongoing reforms and future plans for the development of the Georgian economy, as well as the Government’s economic policy were in focus of a meeting between the Georgian Economy Minister Levan Davitashvili and members of the American Chamber of Commerce, the Ministry said on Friday.
Georgia's cooperation with the International Finance Corporation, the ongoing and future financial projects and their impact on the country's economic development were discussed on Tuesday in a meeting between Levan Davitashvili, the Georgian Economy Minister, and Ivana Fernandes Duarte, the Regional Director of IFC.
Georgian Deputy Economy Minister Genadi Arveladze promoted the country's investment opportunities at a roundtable meeting held in Bern on Friday involving officials and businesses from Switzerland, the Ministry has announced.
Georgian Energy Exchange will become fully operational in September, aiming to ensure transparent and competitive markets and provide accurate price signals to existing and potential market participants, Economy Minister Levan Davitashvili announced on Wednesday.
Georgia’s Deputy Economy Minister Romeo Mikautadze and Claire Mason, the acting Mission Director of the United States Agency for International Development have signed a memorandum of understanding on cooperation in the energy sector, the Ministry of Economy announced on Friday.
The Georgian Energy Exchange will probably not be launched in September amid "increased risks in the region", Economy Minister Levan Davitashvili said at a press briefing on Monday.
Electricity production and the energy sector play an important role in the development of the Georgian economy, all branches of the economy are directly related to the success of the energy sector, Levan Davitashvili, Georgian Economy Minister said on Saturday at a dedicated event celebrating the Energy Workers Day.
2022 has been a “record year”, the first year without the waste of falling water from hydroelectric power plants and with “every” cubic metre used to generate electricity, Romeo Mikautadze, Georgia’s Deputy Economy Minister said on Saturday at a dedicated event celebrating the Energy Workers Day.
Georgian deputy economy minister Romeo Mikautadze on Wednesday joined European Union ministers responsible for energy at an informal meeting in Prague, with the gathering discussing the bloc’s current energy preparedness for the coming winter, electricity market reform and the challenges in the sector in general.