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Deputy Minister of Economy and Sustainable Development Irakli Nadareishvili attended an external session of the Economic Policy Committee of the Parliament, held at Kaspi Technopark.
Together with Avtandil Kasradze, Head of the Innovation and Technology Agency, the Deputy Minister briefed parliamentarians on the progress and achievements of state programmes supporting innovation.
As Irakli Nadareishvili explained, the government’s primary aim is to position Georgia as a significant regional centre for innovation and exports. Achieving this requires close collaboration between the state, investors, and startups to drive the country’s economic development.
“We have submitted a legislative proposal to Parliament concerning the status of startups in Georgia, which includes a ten-year tax exemption. This measure is already in effect. Additionally, we have introduced classifications for innovative small and medium-sized enterprises, as well as for research and development-oriented organisations. This year, we also welcomed four international accelerators to the country, which will serve the entire startup ecosystem by supporting their growth both locally and globally, including access to finance and investment,” Nadareishvili explained.
The committee also received updates regarding the involvement of the Innovation and Technology Agency in the 500 Georgia, L.P. venture investment fund.
“To date, the fund has provided financing to 59 startups, amounting to a total of USD 5.9 million. Such strategic financial mechanisms not only supply capital but also actively transform Georgia’s innovation ecosystem, playing a vital role in nurturing a new generation of high-tech, successful companies. Our strategic goal now is to attract additional international venture capital funds to Georgia and to support the expansion of the Georgian venture ecosystem,” the Deputy Minister stated.
He also shared details about the progress of the Technology Hub project in the former Georgian Parliament building in Kutaisi, which will become the region’s largest innovation centre. The centre will feature an interactive science museum, a technology park, an artificial intelligence centre, the TUMO Creative Technologies Centre, office space for international IT companies, and more.
During the committee meeting, Avtandil Kasradze presented the activities of the Innovation and Technology Agency for 2024. The session concluded with presentations from startup representatives showcasing their projects, the Ministry of Economy informed.
