The “Business Insider” organized the Economic Forum dedicated to banking and financial matters. The Forum was attended by the Vice-Speaker, Ilia Injia, MPs, the President of the National Bank, representatives of the banking and business sector, as well as representatives of the academic circles and experts.

“The size of our economy will exceed 100 billion GEL by the end of this year, marking a symbolic milestone”, - stated Shota Berekashvili, Chair of the Economic Policy Committee in his welcoming remarks at the Economic Forum. According to him, it is important that this achievement of the national economy be celebrated collectively by lawmakers, the business community, regulators, and the executive branch.

He noted that current economic and global developments create significant opportunities for Georgia, as the world is undergoing a transformation of both the unipolar political system and the unipolar economic system.

“It has already become evident that two or more centers of economic gravity are emerging. The first is the Atlantic space, where the United States is the undisputed leader, and the second is Southeast Asia, where China is forming a major center of attraction. In addition, smaller centers of gravity are developing, such as the Gulf countries. This provides Georgia with the opportunity to serve as a connector between two major centers, which itself represents a unique and exceptional opportunity”, - Berekashvili stated.

He added that these opportunities were the main focus of the recently held Silk Road Forum in Tbilisi, attended by more than 2,300 delegates from over 70 countries.

“In the process of Georgia’s economic development, several strategic sectors have emerged that will play a particularly important role in the next 5–10 years. Logistics and transportation will be among the leading sectors, currently accounting for 7.5% of our economy, with the role of the Middle Corridor becoming increasingly prominent. This year, the volume of Euro-Asian trade has already exceeded 800 billion USD, while Georgia’s current throughput capacity stands at around 1%. If we manage to increase this figure to 5% in the next 5–6 years, it will create significant new opportunities. The construction of the Anaklia Port, the railway modernization project, and the development of the new airport are all part of this strategy. Taken together, these projects will enhance Georgia’s competitiveness and create favorable conditions for increased investment”, - he stressed.

Speaking about the economy of the future, he emphasized the importance of the energy sector and the introduction of artificial intelligence. He highlighted tourism and real estate development as well, describing them as major driving forces of the economy. He added that the banking sector plays a crucial role in strengthening these economic directions.

“It must be emphasized that we have one of the most stable, resilient, and dynamically developing financial sectors. The regulator plays a major role in this achievement by implementing balanced policies. Our banks’ corporate transparency, discipline, and high corporate culture should serve as an example for the business community. A noteworthy development was the acquisition of a major banking asset in Armenia by the Bank of Georgia, followed by the launch of its operations there. This demonstrates that our financial system is stable, trusted, and is becoming a center of attraction in the region. When discussing major economic and geopolitical changes, Georgia cannot be viewed separately from the South Caucasus, as Georgia, Armenia, and Azerbaijan together possess the potential to establish a mini-center of economic gravity. In this regard, I believe Georgia is the leader in terms of delivering financial services”, - he said.

He also addressed challenges faced by the business sector, highlighting several key areas.

“For businesses, the primary source of access to capital remains credit resources. However, it is now time to move to a new stage of development. It is critically important to develop alternative capital markets, particularly the stock exchange. This will allow investors to make investments both domestically and abroad. At the same time, it will enable businesses to mobilize capital not only through credit resources, but also through direct investment. Our goal is to promote the diversification and development of capital markets through legislative initiatives. Loans and bonds do not represent the full scope of available financial instruments, and other mechanisms also require development. Although the banking sector is highly resilient and stable, I would welcome stronger competition. Ideally, instead of two major players, it would be beneficial to have three or four large and strong institutions operating in the market”, - the reporter noted.