Giorgi Gakharia, who has been nominated as new Economy Minister, named rapid economic growth, improved employment rates and reduced trade gap as three key challenges addressing of which “will enable us to transform Georgian economy from the economy of challenges to the economy of possibilities.”

Giorgi Gakharia, who had been involved in business sector before becoming Georgia’s business ombudsman in 2013, laid out the priorities on November 24 at a joint session of several parliamentary committees, held as part of ongoing confirmation hearings for the cabinet.

“Georgian economy is developing in very difficult conditions. I mean the foreign factors faced by us,” Gakharia said.

“But we are not in the position to blame foreign factors for everything; there are certain internal moments, which also hamper economic development and these challenges should be addressed adequately,” he said.

Government’s forecast for 2016 economic growth stands at 3%, but the International Monetary Fund that visited Georgia on November 15-22, reduced this forecast to 2.7%. Economy grew 2.6% in the first nine months of this year, according to Geostat.

Gakharia also said that in the capacity of the minister he will focus on improvement of business environment, including through the involvement of private sector in legislative process and easing administration that “should be a permanent process.”

“Foreign direct investment acceleration and creation of business environment that will promote attraction of investments is utterly important for us,” he told lawmakers at the committee hearing.

He also said that the country should fully unleash its export potential in frames of DCFTA with the European Union and free trade agreement planned with China.

Among other priorities Gakharia also named tourism promotion, transport development and prolongation of those state programs, which “promote entrepreneurship.” 

Government will face confidence vote in the Parliament on November 26.