Georgian Economy Minister: Georgia’s economic policy focused on sustainable, diversified economy

Mariam Kvrivishvili, the minister of economy and sustainable development of Georgia, on Saturday said the government’s economic policy focused on building a sustainable and diversified economy while strengthening industrial development.

Speaking on the Imedi TV show Open Air - Debates, Kvrivishvili noted that the ministry of economy and sustainable development manages a broad portfolio and prioritises the development of multiple sectors, including industry.

“The ministry of economy and sustainable development is the largest ministry in Georgia in terms of its structure. Since the ministry’s portfolio is highly diversified, we pay special attention to the development of all directions, including industry”, she said.

The minister pointed to the government program Enterprise Georgia as a key example of this policy.

“I can provide concrete examples of what our government is doing to develop production and how many resources and what scale of funding we are directing toward this goal. A very good example of this is the program Enterprise Georgia which was created under the government of the Georgian Dream”, she noted.

Regarding the support provided to entrepreneurs through the various programs of the Enterprise Georgia agency, the minister said that since 2013 the assistance has totalled ₾ 6 billion.

According to her, more than 15,000 entrepreneurs have benefited from preferential conditions to start business activities in different sectors, which has resulted in the creation of more than 90,000 new jobs.

“Production is one of the priority areas of our government. Supporting it directly responds to one of the most important national interests of our country, which is reducing dependence on imports. Through the Enterprise Georgia programs alone, more than 2,000 projects have been financed, and 300 million GEL has been mobilised. This funding was used to reduce loan interest rates and to allow small and medium-sized entrepreneurs to benefit from grant components. As a result, we already have tangible outcomes - more than 2,000 multi-profile enterprises are operating today”, the minister said.

Kvrivishvili also spoke about the importance of affordable energy resources in the development of industry.

The minister also addressed the issue of wage growth in the industrial sector, citing the Rustavi Azot plant as an example. Currently, nearly 2,000 people are employed there, with an average salary of about 2,000 GEL (net).

“Today, industry accounts for 14% of our country’s GDP. In 2012, the turnover of the industrial sector was about 8 billion GEL, while in 2024 it exceeded 25 billion GEL, meaning it has increased 3.5 times. Our country’s economic policy is fully focused on developing a sustainable and diversified economy and is not dependent on any single sector, including tourism, whose contribution to GDP is less than 9.5%. At the same time, several sectors are steadily growing, including the IT sector, where the average salary already exceeds 4,000 GEL, as well as trade - which is directly linked to the growth of production - transport, logistics, and other sectors”, she concluded.