The Georgian Deputy Economy Minister Irakli Nadareishvili underscored the country's success in building a dynamically developing Georgian innovative startup ecosystem in quite a short time, at the closing event of the 13th round of co-financing grant programme organized by Georgia’s Innovation and Technology Agency.

Nadareishvili noted the Government had invested ₾40 million ($14.7mln) in the startup industry through the programme since 2018, funding 255 startups in total.

“To date, some of the winning startups have generated more than ₾500 million ($184mln) in revenue and investments, which is a very good indicator and a successful result”, the Deputy Minister said, adding the country “aspires to become a regional centre of attraction” in this regard.

He also highlighted the Government’s decisions to develop an innovative ecosystem in the country, namely, the introduction of the International Company Status 3 years ago for the rapid development of the technology sector.

“As a result of this decision, today Georgia is the most attractive country in the broader region for the migration and the beginning of operation of technology and IT companies”, he said, adding approximately 150 companies of this profile, employing more than 10,000 local and international specialists had started operating in Georgia over the past 3 years.

Nadareishvili also emphasized the importance of the development of innovations and technologies in Georgia for “maintaining the country's sustainable economic development and high economic growth rate”.