Levan Davitashvili, GD First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, highlighted the importance of financial technologies and innovation in driving the country’s economic growth during an international conference dedicated to fintech development.
“The development of financial technologies is a very important direction for the country's economy,” Davitashvili stated. He noted that Georgia has experienced significant economic growth in recent years, and to sustain this momentum, it is crucial to develop inclusive financial services.
As an example of progress, Davitashvili pointed to the Bank of Georgia, which was recognized by Global Finance as the Best Digital Bank of 2024, an indicator that Georgian banks offer not only traditional services but also innovative financial technologies.
However, Davitashvili stressed that the financial market should extend beyond banking, with broader opportunities for using various financial instruments. To that end, the Ministry of Economy is collaborating closely with the National Bank on capital market reforms and the introduction of new financial products.
“This is one of the most important priorities of the Georgian government in terms of economic reforms,” he added.
Davitashvili emphasized that in a rapidly evolving global economy, knowledge-driven sectors hold the greatest potential for sustainable growth, making strategic investments in innovation and technology imperative for Georgia’s future competitiveness.
“The state has an active policy to support innovation,” he said, citing the Georgian Innovation and Technology Agency’s efforts in recent years.
According to Davitashvili, the government has invested around GEL 45 million in innovative startups, which have generated an economic impact exceeding GEL 500 million.
“The fintech sector is particularly important. We invested up to GEL 4 million in 17 fintech startups, which in turn attracted more than GEL 55 million in additional investments. We hope these startups will grow successfully and expand internationally,” Davitashvili said.
He also announced ongoing changes to the Law on Innovations, which will introduce unprecedented tax benefits for innovative startups, including zero tax burden for the first three years and other incentives for up to ten years.
Additionally, a new international startup acceleration program will launch this year, targeting at least 160 startups annually, each gaining access to financing up to GEL 200,000.
