The First Deputy Minister of Finance, Giorgi Kakauridze, states that the published data on direct foreign investments for 1Q24 could not be related to any topic. Kakauridze told BMG about it.
The fact is that in the first quarter of 2024, foreign direct investments of USD 201 million entered Georgia, which was USD 365 million or 64% less than in the same period of the previous year.
"1Q24 data was released today, so it would be very wrong if anyone associates this with any topic, this is the first quarter data. I haven't done the analysis yet, but from what I've seen already, the initial assessment is a reduction in manufacturing, where investment was at a one-time high. Accordingly, there has been a reduction here. Generally speaking, investments tend to be a little slower in an election year, but nevertheless, we expect investment to pick up this year. I can't make a statement about the [US] sanctions, because I don't have any information about it, and no one does. It is too early to talk about what impact it can have on something," said Giorgi Kakauridze.
