Batumi, Georgia, June 14, 2016—
IFC, a member of the World Bank Group, and Georgia’s Ministry of Economy and Sustainable Development today opened a two-day peer-to-peer learning conference in Batumi on investment policy and promotion, to help leverage reforms to drive economic growth in emerging markets in Europe, Central Asia and Africa.
The initiative is part of broader efforts by the World Bank Group to help generate investment to boost private sector-led growth and create jobs. Emerging economies have tremendous potential, but many are held back by a lack of investment, low levels of competitiveness and cumbersome regulations. The conference brings together leading global experts to discuss reform options with policymakers, to help attract and retain more quality foreign direct investment.
“We are committed to increasing our efforts to makeGeorgia even more attractive for foreign investmentsto boost job creation and economic growth. To do this, it’s vital to create an environment that’s conducive for foreign direct investment, with strong regulations, free from unnecessary barriers, “ said Ketevan Bochorishvili, Georgia’s Deputy Minister of Economy and Sustainable Development. “We are delighted to work with experts and colleagues from around the world to further this agenda.”
The conference provides a platform for government officials to discuss the role of foreign direct investment in development, modern trends in investment facilitation,and how to promote opportunities in promising sectors. Participants from around 20 states in Europe and Central Asia and Africa will focus on how countries can stimulate investment by removing barriers, leveraging international legal frameworks, and protecting and retaining current investors.
"Investments, both by domestic as well as foreign investors, are needed to foster growth, support innovation and entrepreneurship, and help build the skills that are essential for more resilient economies,” said Jan van Bilsen, IFC Regional Manager for the South Caucasus. “Regional and international collaboration on investment policies can open up new opportunities and this conference aims to help achieve this goal."
The initiative is part of the work of the World Bank Group’s Trade and Competitiveness Global Practice,a joint practice of the World Bank and IFC, which helps countries accelerate private sector growth by creating simple, efficient, business-friendly regulations while ensuring public interests are protected.
As part of these efforts, the Georgia Investment Climate Project helps the Georgian governmentimprove the investment climate by increasing the efficiency of regulations in three key areas: tax, trade logistics, and investment policy. It is implemented in partnership with the Austrian Federal Ministry of Finance and BP and its Oil and Gas Co-venturers.
In fiscal year 2015, IFC invested almost $18 billion in developing countries worldwide.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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