MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Within the working visit to Beijing, the First Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili met with the Governor of the People’s Bank of China, Pan Gongsheng, where they discussed important issues of cooperation between the two countries in the financial sector.

As it was said at the meeting, cooperation and experience sharing between the National Bank of Georgia and the People's Bank of China should be strengthened in key areas, including the implementation of monetary policy and prudent supervision.

Levan Davitashvili stated that National Bank of Georgia is currently working on modernization of payment infrastructure in Georgia to make it faster and more efficient. Modernization includes development of the Instant Payment System (IPS). The First Vice Prime Minister noted that this will encourage trade and economic relations. According to him, bilateral and regional cooperation on payment services is also important for the development of a secure, efficient, accessible and compatible international payment network.

According to the First Vice Prime Minister, the parties discussed the prospects of signing of the Memorandum of Understanding between the National Bank of Georgia and the People's Bank of China, which would ensure the formalization of partnership and the comprehensive framework of future cooperation.

The meeting also discussed the prospects of strengthening the cooperation of the National Bank of Georgia with the countries of the region in the direction of development of financial technologies. The conversation also covered the emergence of alternative means of financing, including opportunities to invest in yuan-denominated securities, as well as access to government bonds for the Georgian financial sector and Georgian economic agents.

“The goal of our strategy is to support the development of fintech in the middle corridor by capitalizing on the positive trends of the real economy” – Levan Davitashvili commented.