FDI in Georgia reached $1.59bn in 2023, data gathered by the National Statistics Office of Georgia shows.

The number is 24% lower than the previous year when the country recorded slightly more than $2bn in total inflows.

Equity capital totalled $1.17bn last year, 68.3% higher than a year before ($696.8m). Earnings reinvestment hit $1.28bn in 2023, while debt – including trade in credits and loans – stood at negative $857.5m.

The major investor country in Georgia was the UK, with 24.6% of FDI volumes, followed by the Netherlands (22.6%) and Turkey (10.6%), respectively.

“The share of three major economic sectors in FDI reached 66.5% in 2023. The largest share of FDI was registered in the financial and insurance activities sector, totalling $630.1m (39.5%). Manufacturing was the second with $291.7m (18.3%), followed by the transport sector with $138.2m (8.7%),” reads the report released by the National Statistics Office of Georgia.

Georgia’s economy grew at a rate of more than 5% from 2005 through 2019, with the country’s fiscal and monetary policy focused on low deficit, low inflation and a floating exchange rate.

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However, Russia’s full-scale invasion of Ukraine damaged growth prospects, with investors additionally raising issues with the Georgian judicial institutions’ ability to hear and adjudicate commercial cases on time and fairly.

Nevertheless, Georgia has made significant changes to its laws to attract more FDI. Despite the drop in FDI levels in 2023, the $1.59bn recorded last year was higher than during pre-Covid years – $1.35bn in 2018 and $1.35bn in 2019.