Home / Economy / PM: We Plan to Move to Very Important Stage with Focus on Small and Medium Enterprises
Giorgi Kvirikashvili

PM: We Plan to Move to Very Important Stage with Focus on Small and Medium Enterprises

“I want to hail the very positive dynamics in growth in Foreign Directs Investments (FDI), reported by the National Statistics Service.

We have achieved an impressive indicator in 2017 – 16.2% growth. This signifies an inflow of FDI has increased by 260 million USD, compared to 2016.

The growth was recorded in many sectors. I would like to stress that the growth in the real sector of economy constituted 39% (615 million USD) and this is an important factor for creating new job places, introducing new technologies and, naturally, this will be positively reflected on exports and employment growth in 2018.

I want also to note that reinvestments growth made up 130% and this is a genuinely unprecedented indicator, as a direct result of profits tax reformation that we started on January 1, 2017.

Profits tax abolition and exemption of reinvestments and undivided profits from profits tax have brought this impressive growth in reinvestments and naturally, this tendency will definitely influence the 2018 indicators too.

Naturally, we should not run into self-content. There are a lot of poor and socially vulnerable citizens in our country, but we strongly follow economic development model that implies such economic growth that will gradually improve social condition of our citizens. Trust me, the current dynamics and figures will be definitely reflected on welfare of all our citizens.

Moreover, we have recently announced turnover tax reformation package for small and micro businesses. We are also preparing the next very important stage with special focus on small and medium companies to introduce a special funding instrument. I am sure this component will further bolster the small business, that part of our society, which is the poorest and which needs state support component for entrepreneurship promotion. Therefore, I am sure these steps will bring serious benefits and we will have positive results in 2018”, Georgian Prime Minister Giorgi Kvirikashvili said on March 14.