Under the EIP, the EU will mobilise a contribution of EUR 4.1 billion (GEL 12 billion) that will leverage up to EUR 44 billion (GEL130 billion) of investments from public and private sector from 2017 to 2020 more than 70 economies around the world, including Georgia and the other Eastern Partnership countries.
The event in Tbilisi is part of a series of outreach events for private and public sectors across the region. It brought together national authorities, business communities, private sector, partner International Financial Institutions (IFIs) and other stakeholders to discuss the investment opportunities in various sectors and to provide an opportunity to network with key private and public sector stakeholders.
Experts and participants discussed the challenges and potential in some of the specific sectors to be covered initially within the EIP. These are: sustainable energy and connectivity, MSMEs, agriculture, sustainable cities and digitalisation.
Katarina Mathernova, Deputy Director-General of the Directorate General for Neighborhood Policy and Enlargement Negotiations said about the EIP:
“This EU External Investment Plan is another sign of the strong commitment from the EU to encourage and help boosting economic growth through private and public investment in Georgia. Our partnership approach is geared at promoting entrepreneurship, trade and new investment opportunities. This is in view to address obstacles to growth, to promote inclusive growth and job creation, and to deepen economic integration.”
The EIP responds to ambitious political objectives and aims at mobilising a large volume of investments (especially from the private sector) to fulfil economic and social development in EU partner countries. The EU is working to ensure the widest access to the Plan, its approach and its instruments, by engaging with a reinforced dialogue with EU partners and with the business communities across the Neighbourhood Regions.
The EIP is based on the principle that financing needs to be coupled with improvements to the business and investment climate in order for investments to materialise and for growth and jobs to be generated. Structured dialogue with the private sector will be instrumental in helping the European Commission identifying specific bottlenecks for investment that can then be addressed through EU support and policy dialogue.