Saakashvili: ‘I Have Very Optimistic Outlook on Georgia’s Economy’

With the capital “running away” from other countries in the neighborhood, Georgia should “intercept” and lure these investments, President Saakashvili said on November 7.

“Despite of negative global economic processes, despite of the fact that the euro zone is actually collapsing – and it will negatively affect on Georgia’s trade relations – and in our neighborhood, especially in Russia there are all signs of grave economic crisis, our budget is still oriented towards development and economic growth,” he said at a meeting with lawmakers from his ruling National Movement party.

“Despite of this global background, I still have very optimistic outlook over Georgia’s economy,” he said, adding that while other countries revised downwards economic growth forecasts, Georgia revised it upwards now expecting up to 7% growth this year.

“Economic situation in our neighborhood is difficult; that’s not because of objective economic factors, but because of subjective factors. There is a huge corruption, lawlessness and sense of no prospects in Russia and also in some other countries in the region and that’s exactly the situation where Georgia should bring in investments. I do not want to say that we should benefit at the expense of others’ difficulties, but we all should be standing with a huge net on the Georgian borders to intercept capital running away from various countries, because no other country will even come closer [to Georgia] in terms of investment climate, non-corrupt environment, high level of safety, not to speak of [the fact that Georgia] is a tourism heaven,” Saakashvili said.

“That’s exactly the moment, when Georgia has a chance to increase its economic potential at the expense of the capital, which is running away from other countries,” he added.

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