Spanish Investors to Open Regional Office in Georgia
Spanish businessmen will open regional representations in Georgia — such is the result of Prime Minister's and Economic Minister's visit to Spain, where PM Nika Gilauri and Minister Zurab Pololikashvili held negotiations with Spanish businessmen in the frame of the business forum. According to the Prime Minister, in two months it will be decided how much capital will come from Spain. However, before the Spanish business circle representatives will pay a visit to Georgia and will observe the country's business potential on the spot. During the Madrid business forum, the Georgian government informed the future Spanish partners about Georgia's business climate, further steps toward economic liberalization and the reforms already conducted.
The fact that the current Economic Minister speaks Spanish, courting investment from that country has reportedly been one of his promises when he put his name forward for the job. The Prime Minister has big hopes up as far as his polyglot minister and reportedly believes that despite the economic crisis foreign capital inflow to Georgia will be renewed. According to January-September data, Georgia-Spain trade turnover had 11.358m USD in exports and 16.9m USD in imports.
Spanish investment flow to Georgia was not tracked before 2007. But Spanish capital started entering the country since the second quarter of 2007, some 6m USD flowed in. The following year, more than 7m USD arrived. But so far this year a mere 3m has been reported; however, in the second quarter of 2009 there was an outflow of Spanish investments of 4m USD.
GBW tried to find out which particular fields Spanish money was directed to, but the economic ministry said it could not provide that information. Spanish Baroness Melanie De Massy was the last person willing to invest in the country. She arrived in Georgia and announced
