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Wednesday, 26 October 2016


Georgian investment no-boom

2010-12-13 20:11

Georgian investment no-boomMinister of Economy and Sustained Development of Georgia Vera Kobalia foretold once that the volume of this-year investments into the country's economy will make up no less than one billion dollars. However by December, according to National Statistics Service, foreign companies' capital investments in Sakartvelo made up a bit less than 197 million dollars. Having evidently realized that one cannot raise 800 million in a month and wishing to avoid another mess, Ms. Kobalia imposed the task of voicing her new grand plans on her deputy Irakli Matkave. The investment boom in Georgia is expected next



Today, Irakli Matkava has stated that Georgian Ministry of Economy is expecting a jump of investments into national economy in spring 2011. He expressed assuredness that Sakartvelo is still attractive in terms of investments; however, the consequences of the world crisis still affect its economy. According to Minister Vera's deputy, this year tuned out to be rather tough on Georgia's investment field.

"We've got no grounds for excessive optimism next year; still, we expect fast improvement of the situation in spring 2011", - Mr. Matkava outlined. For some reason, he never specified the preconditions for such "fast improvement of the situation" in the field of investments and did not explain what is going to happen in three months.

However, no use demanding too much. The fact that Ms. Kobalia's administration has at last ran out of the "grounds for excessive optimism" may be considered a real breakthrough since the activity of the Georgian Ministry of Economy has been based solely upon such statements.

Georgia Times correspondent discussed what Irakli Matkava might have concealed and why with economical expert from Tbilisi Georgi Khukhashvili. "Unfortunately, I see no objective reasons for his forecasts to come true. Political risks in the country have not been reduced. It's just the other way round: by spring, we expect more tension in foreign policy and the aggravation of the domestic situation", - he underlined.

Yesterday, leader of the Representative People's Assembly Nona Gaprindashvili promised the soon holding of large-scale actions of civil disobedience.

"I see no improvement in the economic situation at all. Matkava was appointed just the other day solely for propaganda. That's what he is doing, for propaganda is much appreciated in our country. Our "Komsomols" are perfectly good at creating virtual reality and the current statement was made in the same manner, for there are no real preconditions for the investment activity in Georgia considering today's level of the Georgian economy. The same is about the figure of one billion dollars to be invested next year voiced by Prime Minister Gilauri. I do not know what else they are going to sell, strategic objects, perhaps. Georgian economy's controlling interest already belongs to some foreigner including Russian state companies and I may foretell that in case of more sales of Sakartvelo's property, say, the railroad, all the assets will again be bought by Russian companies", - Tbilisi analyst told.

Also, Giorgi Khukhashvili shared his opinion on the core obstacles to foreign investments in the Georgian economy with Georgia Times correspondent.

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