- New-Generation Internet and Technology (5G) In Georgia
Georgia and the US have signed a memorandum on the development of a new technology, namely #5G wireless communications networks. The memorandum reads that 5G will enable a vast array of new applications, including the provision of critical services to the public, which will benefit the citizens and economies of the two countries.
Introducing the new technology will boost and advance to a brand-new level services in such important sectors as healthcare, education, business, agriculture, and others.
By signing the MOU on Securing 5G Networks with the US, Georgia joins the #Clean Network initiative safeguarding the use of safe #5G network devices and software from manufacturers, also protecting citizens’ privacy, telecommunications infrastructure from aggressive intrusions by malign actors, and safeguarding national security;
- “Individual Approach and No Rules” – Prime Minister of Georgia announced a new strategy to attract FDI
Prime Minister of Georgia Giorgi Gakharia assures that the government of Georgia will have an individual approach to each investor to make them feel comfortable to Invest in Georgia: “In terms of attracting foreign direct investment, global competition will be to the point that only good positions in Doing Business, various simplified procedures, low corruption risks, etc., will not be enough. We will have to take quick and extraordinary steps. First of all, we will acquire an unequivocally individual approach and there will be no rules here”.
The prime minister also named the most strategically important directions of attracting an Investments: “High-tech fields are important for us, as well as logistics and everything related to shipping to make the country’s logistics function more and more effective. We welcome investments in the field of agriculture and processing, and we will do our best to make every investor feel as comfortable as possible,” stated the PM of Georgia.
Foreign Investors increased their investment up to 657 MIL in Georgian Securities
According to the report of the National Bank of Georgia, foreign investors owned 657.6 million GEL worth securities by December 2020, which is 45 million GEL more comparing to November.
A government bond is a debt security issued by a government to support government spending and obligations. According to the NBG, the average yield on government bonds in December 2020 was 8.17%. Consequently, due to high-interest rates, these assets remain attractive to international investors.
As of December 2020, the volume of the Georgian government bond market amounted to 5.8 billion GEL. 11.3% of these liabilities are owned by foreign investors, 70% of the securities is owned by Georgian commercial banks and 17% belong to the National Bank.
Domestic Export Grew to Reach Record
- Despite the coronavirus pandemic and global recession, domestic export is up by 3.5% to reach a record-breaking 2,406.9 million USD. Domestic export claims 72% of the country’s overall export. In 2020, China, Spain, Bulgaria, and Switzerland report significant overall export growth compared to 2019. In 2020, the export of copper ores and concentrates, gold, precious metal ores and concentrates, hazelnuts, and walnuts has increased significantly among the exported goods.
- 10 tonnes of Georgian honey exported to Italy – According the National Food Agency, 10 tonnes of Georgian Honey had been exported to Italy in 2020. Georgian honey is also exported to Germany and the United States. In December 2016, the European Commission positively assessed Georgia’s state control system and included Georgia in the list of third countries from which honey is allowed to be imported into the EU.
- Georgian Blueberries recorded Export in 2020 – Georgia supplied a record 665 tons of blueberries to foreign markets earning $3.8 million in export earnings. Thus, the proceeds of blueberry exports from Georgia in the fruit and berry sector of the country are second only to the proceeds from hazelnuts, peaches, mandarins and apples.
In 2020, about 95% of Georgian blueberries were exported to the Russian market, 12 tons of blueberries was sent to the EU country of Poland and 6 to 8 tons of Georgian blueberries were exported to Armenia, the United Arab Emirates and Ukraine.