Gov’t has ‘clear plans’ to drive economic growth, says Georgian PM at int’l forum

Georgian Prime Minister Irakli Kobakhidze on Saturday said the Government has “clear plans” to advance economic policy and accelerate growth, highlighting the real estate sector as a key driver of the country’s development.

Speaking at an International Real Estate Forum, Kobakhidze noted the sector’s contribution to the economy, stating that real growth in real estate surpassed 10 per cent last year.

He said record figures had also been recorded in revenues from international tourism, attributing this to Georgia’s overall business environment. The Prime Minister added the country offers a favourable investment climate, a liberal economic policy framework and low taxes, which together create strong incentives for economic activity. He also stressed Georgia’s low levels of corruption, describing the country as one of the leading performers by that measure, ranking first in the region and ahead of around ten EU member states.

Kobakhidze added that Georgia holds strong positions in international rankings, singling out the World Bank’s Business Ready (B-READY) assessment, where he said Georgia ranks fourth among 101 countries.

The Prime Minister said broader economic growth trends in Georgia are directly reflected in the performance of the property sector, which he described as one of the most important parts of the economy. He noted that the sector generates new jobs, supports infrastructure development and plays a major role in attracting foreign direct investment.

He highlighted a major ongoing investment project by the developer Eagle Hills, with a total value of $6.6 billion. Kobakhidze said the scale of the project demonstrates confidence in Georgia’s economic policy and business environment, adding that the investment alone is expected to add approximately ₾11 billion ($4.08bln) to the national economy.

Outlining future priorities, the Prime Minister said one of the Government’s main tasks is to enhance Georgia’s connectivity and transit function, backed by large-scale investments and major construction projects. These, he said, would further accelerate economic growth.