The Georgian government aims to establish special international financial zones, which will help attract investment, create jobs, share modern financial, technological innovations and transform Georgia into a regional financial centre, announced Prime Minister Irakli Garibashvili at today’s Cabinet meeting.

PM said the government plans to create two financial centres across the country, namely, near Tbilisi Sea [the east of the city] and in Adjara, Gonio area [settlement near Batumi].

“As you know, I proposed an initiative a few months ago to create financial centers in the country. In this context, we signed an agreement with Rothschild & Co, one of the world’s leading financial groups, and we made this decision. I would like to instruct the Minister of Economy to coordinate the development of relevant legislative amendments and submit a relevant package to the Government of Georgia.

We are considering the creation of two financial zones: One is Tbilisi’s financial hub to be cover about 110 hectares near Tbilisi Sea at our discretion and to serve as an exceptional business center both in the country and the region. A similar hub is planned to be created in Gonio, Adjara. This will be a more multifunctional center. We have launched active work in this direction, and we seek to create a financial hub here. These special financial zones will offer international companies a legal regime based on common legal principles, also liberal regulatory and fiscal regimes stemming from the best international practices. Most importantly, Georgian citizens to make up a significant portion of personnel of international companies operating at these centers, in this way offering them special opportunities for professional and career growth,” the Prime Minister said.

According to the Head of Government, it is equally important that the creation of financial centers in Tbilisi and Gonio will engage such highly reputed and experienced international companies as Rothschild. The company’s delegation will visit the country in a week, and active work will commence.