Changes in Enterprise Georgia’s Program to Focus on Sectors Affected by COVID-19

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The FINANCIAL — To tackle the economic challenges caused by Covid-19, some changes have been made to Enterprise Georgia’s program. Hospitality and tourism industries are especially affected by the global pandemic. Moreover, to overcome the current economic crisis, it is essential to support the economic activities, which Enterprise Georgia has not been working on till now.

For this reason, the newly implemented changes are orientated toward developing the hospitality and tourism industries. Additionally, Enterprise Georgia will be supporting six new economic activities.

“To overcome the challenges caused by the Covid-19 pandemic, Enterprise Georgia continues proactively supporting the private sector. The changes made to the program increase the agency’s support mechanisms and its co-financing capacity, which assists the process of tackling the ongoing economic issues in Georgia”, states Mikheil Khidureli, Enterprise Georgia CEO.

Hospitality Industry: Land Leasing, Renting or Acquiring the Right to Construct on It

With the new changes made to the program, entrepreneurs are no longer required to own land to receive loan co-financing. Hence, interested parties will be able to develop a hospitality project on lands, which they possess temporarily. The same conditions apply to the balneological resort industry.

Hence, entrepreneurs who do not own real estate but have the capacity to pay rent, lease, or obtain real estate utilization license, will now be able to partake in the Enterprise Georgia program.

Tourism Sector: Removal of Location Restrictions

In adherence to the previous version of the decree, the agency “Enterprise Georgia” assisted the tourism industry in 14 locations across the country.  In accordance with the new changes, the above mentioned restriction will be annulled, allowing the agency to cooperate with the sector in all parts of Georgia.

Due to the increased number of requests, which have been submitted through the Enterprise Georgia hotline, removing location restrictions have become necessary not only for the hospitality industry but for the tourism services connected to it as well.

From today on, with the support of Enterprise Georgia, entrepreneurs all over Georgia will have the opportunity to develop interesting projects such as theme parks, ethnographic parks, wake parks and adventure tourism attractions.

6 New Economic Activities

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To overcome the existing economic challenges, it is necessary to implement diversified support mechanisms. Since 2014, Enterprise Georgia has supported up to 12,000 beneficiaries in starting and expanding businesses.

From today onwards, 6 new economic activities will be added to the list of priority sectors of the Produce in Georgia program,  such as publication of computer games, hospital activities, general medical practice activities, specialized medical practice activities, dental practice activities, the purchase and leasing of film production equipment.

Enterprise Georgia has been successfully cooperating with the private sector for 6 years. The agency supports Georgia’s economic advancement by accelerating business development, attracting investments and increasing exports.

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