Mikheil Kukava, CEO of Stemscale Georgia, says that 2025 foreign direct investment (FDI) data shows an increase compared to 2024, but volumes remain below the levels seen in 2022–2023. “The numbers show that Georgia did not experience an investment ‘boom’ last year,” Kukava told BMGTV.
According to Geostat, Georgia’s FDI rose by 7.6% to $1.7 billion in 2025. While this represents annual growth, it is still lower than $2.2 billion in 2022 and $1.9 billion in 2023. The main driver of last year’s inflows was reinvestment by existing companies, which totaled $1.4 billion - or 83% of total FDI.
Kukava noted that reinvestment is a positive signal, as it shows that companies are leaving profits in the country. However, he stressed that Georgia has not yet attracted a wave of new large investors. “Capital remains, but new capital is not entering. Reinvestment shows stability, but it does not reflect fresh inflows,” he explained.
He added that while Georgia remains geographically favorable, flexible, and attractive, modern investors consider more than low taxes. “Investors ask: Is property protected? Is the judiciary independent? Are political and economic rules stable? Investment flows to places where profit comes with trust in the system. That trust is what we lack,” Kukava concluded.
