2019-05-22
I strongly believe that we have all the potential to transform Georgia into a high-tech manufacturing country, Georgian Prime Minister Mamuka Bakhtadze stated in his speech at the announcement event of a new 650,000 GEL grant program for innovations.
The new program seeks further to encourage startups in Georgia.
The Prime Minister introduced the audience to new measures planned in this direction and pointed out that, in the nearest future, a new legislative initiative on startups will be submitted to Georgia's Parliament.
"The law on startups is already under development. Next day after Georgia's Parliament approves the educational reform, we will submit the law on startups to enable us to fill the legislative gap in this area. Another issue concerns access to financing. Very interesting financial technology initiatives have been developed. I truly want to see startups engage in the development of financial technology because this product has significant potential for scaling up," Mamuka Bakhtadze emphasized.
The Prime Minister underlined Georgia's potential for the development of high technology by stating that the country has an opportunity to turn into one of the most important high-tech exporters.
Another law in review in Parliament involves international companies in Georgia. The Head of Government informed the startups about unique tax cuts to apply on the basis of this law to companies with regional offices in Georgia.
"We need giant companies, big names, in Georgia to enable you to obtain very significant commissioning contracts and to become part of the large ecosystem. We have unique tax cuts for companies with headquarters in Georgia. They will have branches for research and development.
Consequently, they will unable Georgian startups to become more actively engaged in global economy. In June, I have several roadshows scheduled in large American cities, and I am convinced that, by the end of this year, we will have several or at least two large international-level accelerators in Georgia, and that will enable us to fill every gap that we have today," the Prime Minister said.
Mamuka Bakhtadze also spoke about the obstacles to access to financing. In the nearest future, the Government will present a new draft law on investment funds, including venture funds to enhance startups' access to venture capital, the Prime Minister said.
The Head of Government, in his speech, also discussed the importance of the educational reform, and underlined that this idea of national importance will serve as the guarantee of a prosperous, unified, and strong Georgia.
The new 650,000 GEL grant program designed to finance innovative programs was announced at Tech Park.
The program will support Georgian micro, small, and medium-sized enterprises with potential for developing their own innovations to present them on an international level, and will enable such enterprises to position their innovative products in the global market.
The program for co-financing innovative grants is implemented by the Innovation and Technology Agency at the Georgian Ministry of Economy and Sustainable Development, with support from the World Bank. The events at Tech Park was attended by the Minister of Economy and Sustainable Development of Georgia, representatives of the World Bank, experts, and startups.
Prime Minister's Press Office