18.Jan .2022 10:00

We Consider Creating Two Financial Zones - PM

We Consider Creating Two Financial Zones - PM
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We want to establish special international financial zones in Georgia. We expect that they, once established and developed, will help attract investments, create jobs, share modern financial and technological innovations, and shape the country as the region's financial hub, Georgian Prime Minister Irakli Garibashvili stated during the government meeting.

The Head of Government instructed the Minister of Economy to coordinate the development of relevant legislative amendments.

"As you know, I proposed an initiative a few months ago to create financial centers in the country. In this context, we signed an agreement with Rothschild & Co, one of the world's leading financial groups, and we made this decision. I would like to instruct the Minister of Economy to coordinate the development of relevant legislative amendments and submit a relevant package to the Government of Georgia. The idea, and innovation, is as follows: We want to establish special international financial zones in Georgia. We expect that they, once established and developed, will help attract investments, create jobs, share modern financial and technological innovations, and shape the country as the region's financial hub. That must be our common goal. We are considering the creation of two financial zones: One is Tbilisi's financial hub to be cover about 110 hectares near Tbilisi Sea at our discretion and to serve as an exceptional business center both in the country and the region. A similar hub is planned to be created in Gonio, Adjara. This will be a more multifunctional center. We have launched active work in this direction, and we seek to create a financial hub here. These special financial zones will offer international companies a legal regime based on common legal principles, also liberal regulatory and fiscal regimes stemming from the best international practices. Most importantly, Georgian citizens to make up a significant portion of personnel of international companies operating at these centers, in this way offering them special opportunities for professional and career growth," the Prime Minister said.

According to the Head of Government, it is equally important that the creation of financial centers in Tbilisi and Gonio will engage such highly reputed and experienced international companies as Rothschild. The company's delegation will visit the country in a week, and active work will commence.

"We expect the creation of special financial zones to promote Georgia, both regionally and globally, as a country with developed financial infrastructure, which is our wish and goal. The financial zones will focus on international financial companies operating in asset management, fintech, trade in goods, capital management, and other areas. Ultimately, we expect the launch of said financial centers to contribute tremendously to the development of our capital market, one of the key priorities of our country's economic policy," Irakli Garibashvili added.