2019-03-12
"Completion of the main gas pipeline project has considerably contributed to the reduction of foreign direct investments (FDI), along with a most significant transaction in the information and communication technologies (ICT) in the middle of the last year" stated Mamuka Bakhtadze, Prime Minister of Georgia at a regular press briefing held prior to the Executive Government Meeting today.
According to the Head of Government of Georgia, FDI has reached 1.230 BLN GEL in 2018, thus being one-third lower than the respective indicator of 2017.
"I need to make a clarification towards this end. Completion of the main gas pipeline project has considerably contributed to the reduction of FDI, along with a most significant transaction in the ICT in the middle of the last year, when a local resident acquired a share from a foreign resident. Third factor for the reduction of FDI is a set of large-scale liabilities towards non-resident investors that have been serviced. All of that has been reflected in the statistics and is a significant achievement similar to the resident companies making active investments in the telecommunications sector. Hence, ideas heard yesterday as if the drop in FDI was caused by some fundamental factors, is simply not true. It is particularly important for me that Georgia is advancing in overall investments and 20% increase is a clear evidence of this. Attraction of investments is one of the most important arguments for Fitch Rating Agency in increasing our sovereign credit rating" added the Prime Minister of Georgia.
According to the Head of Government of Georgia, FDI was increased in 2018 in the following sectors: processing, mining, healthcare and social security, along with agriculture.
"Key priority of our Government is to overcome poverty and create jobs. Overall investment volumes and quick increase of it should ensure the attainment of these goals" concluded the Prime Minister of Georgia.
Prime Minister's Press Office