Georgia’s Minister of Economy and Sustainable Development, Mariam Kvrivishvili, says that Georgia’s banking sector stands out globally for its high-tech solutions and sustainable development, emphasizing that the state actively supports the sector’s advancement.
Speaking at the Tbilisi Financial Summit, held within the framework of the Tbilisi Silk Road Forum, Kvrivishvili highlighted the government’s efforts to strengthen the financial system through legislative and regulatory reforms.
“As a result of our work and involvement, we have adopted a number of laws related to the development of the capital market, open banking and open finance. These changes contributed to the double growth of the capital market in 2023, and the upward trend continues to this day,” said Kvrivishvili.
According to her, Georgia’s legislative framework is among the most modern in the region, striking a balance between investor protection and business access to finance.
Kvrivishvili also stressed the role of innovation and technology in the country’s economic development, citing the 500 Georgia venture fund as a key example. The USD 20 million fund, co-financed by the state, has already supported 59 high-tech startups and plans to retrain 160 startups annually under international acceleration programs, including Plug & Play, Founders Institute, 500, and Startup Bootcamp.
She added that Georgia’s favorable tax regime for IT companies, offering a 5% profit and income tax rate, currently benefits around 180 international firms, while newly recognized innovative startups enjoy a three-year income tax exemption.
Kvrivishvili expressed gratitude to the Global Finance and Technology Network, the National Bank of Georgia, and the Ministry of Economy for their cooperation in advancing financial sector reforms.
“Tbilisi Silk Road Forum and the Tbilisi Financial Summit are essential platforms for global dialogue and cooperation, confirming Georgia’s growing importance as a hub for innovation, blockchain, and artificial intelligence in the financial sector,” she said.
