BAKU, Azerbaijan, March 12
By Tamilla Mammadova – Trend:
The decline in foreign direct investments (FDI) to Georgia was not surprising amid the economic crisis in 2020, said Archil Gachechiladze, CEO of the Bank of Georgia, Trend reports via Georgian media.
The foreign direct investments in Georgia amounted to $616.9 million in 2020, down 52.9 percent from the same period of the previous year.
Gachechiladze said the government should make the most of this period to attract investments in all sectors.
"The 2020 was a difficult year, probably the most difficult in recent times. So the decline in investments was not very surprising, but we have to use this period to do everything to attract investments in all sectors. Investments are not only an inflow of money, but also new jobs, knowledge transfers, and this is the long-term success of Georgia," said Gachechiladze.
Breakdown of FDI by economic sectors:
Hotels and restaurants - $120 million, decrease of $341 million year-on-year,
Energy - $6 million, decrease of 98 percent,
Transport - $13 million, decrease of 77 percent,
Manufacturing - $68 million, decrease of 41 percent,
Communications - $48 million, decrease of 33 percent,
Healthcare and Social Assistance - $10 million, decrease of 25 percent
The largest share of FDI was registered in the financial sector, totaling $400.3 million. The mining sector was the second with $101.5 million, followed by the real estate sector with $71.8 million.