Kvrivishvili: Georgia Becoming a Regional Leader in Financial Innovation

Georgia's Minister of Economy and Sustainable Development, Mariam Kvrivishvili, highlighted the country's rising reputation as a regional leader in financial innovation and technological progress.

Speaking at the Tbilisi Financial Summit, held within the framework of the Tbilisi Silk Road Forum, Kvrivishvili emphasized that Georgia’s banking sector stands out globally for its high-tech solutions and sustainable development model, The Caspian Post reports citing Georgian Today.

The Minister stated that the government has taken decisive steps to modernize the financial system through comprehensive legislative and regulatory reforms. “As a result of our work, we have adopted several key laws supporting capital market growth, open banking, and open finance. These changes led to a doubling of the capital market in 2023, and the upward trend continues,” Kvrivishvili said.

She noted that Georgia’s legislative framework is among the most advanced in the region, balancing investor protection with access to finance for businesses.

Highlighting the role of technology in Georgia’s economic transformation, Kvrivishvili highlighted the 500 Georgia venture fund, a USD 20 million program co-financed by the state, which has already supported 59 high-tech startups and aims to train 160 more annually through international acceleration programs such as Plug & Play, Founders Institute, 500 Global and Startup Bootcamp.

Kvrivishvili also cited Georgia’s competitive tax regime for IT companies, which provides a 5% profit and income tax rate and benefits around 180 international firms. Newly registered innovative startups, she added, receive three-year income tax exemptions to encourage early-stage growth.

Expressing appreciation to the Global Finance and Technology Network, the National Bank of Georgia, and the Ministry of Economy for their partnership, Kvrivishvili said the Tbilisi Silk Road Forum and Tbilisi Financial Summit serve as ‘essential global platforms for dialogue.’