Georgian FM Visits Japan

Georgian Foreign Minister, Grigol Vashadze, is paying a working visit to Japan on March 8-13 as part of, what the Georgian officials call it, “economic diplomacy” aimed at attracting foreign investments.

Apart of talks with his Japanese counterpart, Hirofumi Nakasone, and other officials, Vashadze will hold meetings at the Japan Association for Trade with Russia and Central-Eastern Europe (ROTOBO).

Last week, Grigol Vashadze told his counterparts from NATO member states at a meeting of NATO-Georgia Commission in Brussels, that the Georgian government had set “sustaining and strengthening” of economy as one of the top priorities after, as he put it, “tragedy of August.” Two other priorities, he said, were further democratic reforms and NATO integration and rapprochement to the European Union.

The Georgian economy, he said, demonstrated “resilience” and grew 9% last year despite the August war and the global economic crisis. He also said in his opening remarks to NATO-Georgia Commission on March 5 that the government projected to maintain 2.5% growth throughout the first half of this year. Lasha Zhvania, the economy minister, however, said recently in his televised comments that the first two quarters of 2009 would be very difficult with economic growth of less than 1%.

“Investors confidence in Georgia’s economy,” Vashadze continued, “has further been encouraged by the government’s decision not to subsidize the Georgian economy through state grants or credits.”

He also said that the government was working on further improvement of investment climate in the country.

“In particular, we are developing investment insurance system similar to those in the United States and Israel and considering application of OPIC model for private corporate investments,” Vashadze said.

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