MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Levan Davitashvili: "In the coming years, the main course and direction of our activities will be the rapid and comprehensive trade and economic integration of Georgia with the European Union"

06-02-2024

Levan Davitashvili, the candidate for the Minister of Economy and Sustainable Development of Georgia, delivered a speech at the joint session of the committees in the Parliament.

In his speech, Levan Davitashvili introduced the main economic indicators to the Members of Parliament, and discoursed the main priorities and aspects of the government’s economic policy, large infrastructural projects in various sectors.

Davitashvili also focused on sectoral reforms and projects planned to promote local production, technology and innovation.

"On December 14, 2023, we received the status of a candidate for the EU membership, which means that the image and perspectives of Georgia's development are changing essentially. This is the beginning of a new stage for our country, which includes all aspects and spheres of our life, of course, including the economy – there will be new opportunities, new developments and projects, increased investments and, accordingly, prosperity for the whole country" – the Candidate for the position of the Minister of Economy and Sustainable Development said. "Accurate, rapid development and growth-oriented economic policy, attractive investment environment and economic progress in recent years, as well as the ongoing sectoral reforms are important factors in the process of Georgia's European integration. I am sure that we will go through this process with dignity, and it is under our government that the country will move from being a candidate for EU membership to becoming a full-fledged member of it" – Levan Davitashvili added.

According to Levan Davitashvili, Georgia was not only able to cope with the economic challenges caused by the pandemic, but also has one of the highest economic growth rates among the wider region, Europe and the EU membership candidate countries – last year, the economic growth reached 7%. In addition, according to Levan Davitashvili's forecast, economic growth will remain at a high level in 2024 and the following years, and GDP per capita by 2024 will exceed 23,100 GEL or 8,500 USD. 

“In 2023, exports of the goods was increased by 9,1% and reached a record level – 6,1 billion USD. Annual revenues from tourism was increased by 17,3% (by 608,7 million USD) and reached a record volume of 4,1 billion USD. At the same time, in 2023, tourism revenues exceeded the level of 2019 by 26,2%. The volume of direct foreign investments is maintained at a sustainable level, and in relation to Georgia's GDP, it has one of the highest rates among the countries of the region and Europe" – Levan Davitashvili noted.

Unemployment was another issue that Levan Davitashvili emphasized on – last year the unemployment level decreased to a historical minimum. According to preliminary assessments, the minimum level of unemployment will be recorded in 2023, and the level of employment will also be a record. The ministerial candidate emphasized that the government's economic policy will be mainly orientated on reduction of poverty, promotion of employment and increase of the well-being of the population.

In addition, according to Levan Davitashvili, promotion of the private sector, local production, as well as the creation of an attractive investment environment, despite the progress achieved in terms of economic growth, still remains one of the main priorities of the government. The Ministry of Economy will also actively continue its work to promote the competitiveness and export of micro and small entrepreneurship and to support investment projects of innovative and high-tech startups.

Levan Davitashvili highlighted that another main priority of the government is to transform Georgia into a multidimensional economic and logistic hub in the region and promote the real potential in this regard. Davitashvili shared his point of views and noted that the Anaklia Deep See Harbour, as well as the railway modernization and Baku-Tbilisi-Kars railway projects are of particular importance, since they will significantly reduce the time required for cargo transportation between Asia and Europe and, which is a prerequisite for attracting additional cargo flows through the country. Work is also underway on the Tbilisi International Airport project.

"In the future, the activities of the Ministry of Economy and Sustainable Development will be aimed at increasing the economic stability and competitiveness of the country in general. Most importantly, the main course and orientation of our activities in the coming years will be rapid and comprehensive trade and economic integration of Georgia with the European Union," – the candidate for the Minister of Economy and Sustainable Development said in his speech.

 

 

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