Georgia introduces new instrument to attract investments
BAKU, Azerbaijan, Sept.16
By Tamilla Mammadova – Trend:
The Georgian government changed its policy to attract investments and introduced a new instrument - the foreign direct investment (FDI) grant, Trend reports via Georgian media.
According to the director of the Produce in Georgia agency, Mikhail Khidureli, in case of investing in Georgia, investors will receive a grant from the state in the amount of 300,000 laris ($96,129) to 1 million laris ($320,430).
“We have recently introduced the FDI grant, a new instrument for attracting investment. This means that when an investor comes and invests X amount and hires X people, he receives a grant from the state in the amount of 300,000 laris to 1 million laris, which he will spend for certain purposes. For example, for retraining workers and arranging light infrastructure,” Khidureli said.
Meanwhile, the Georgian government has updated its investment attraction strategy. The new policy was developed in collaboration with the World Bank (WB) and International Finance Corporation (IFC).
As part of an active investment attraction policy, the government is already actively negotiating with about 400 companies, informing them about investment opportunities in Georgia.
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