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• Levan Davitashvili Met with International Financial Technology Company – Revolut Representative, Andrius Bičeika

  Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili met with the representative of the international financial technology company – Revolut, Andrius Bičeika. Deputy Minister Irakli Nadareishvili also attended the meeting.

  Beneficial environment for the development of the fintech technologies sector in Georgia, favorable normative base as well as the political will of the country’s government regarding the establishment of a regional-scale fintech hub in Georgia were discussed during the meeting.

  Vice Prime Minister highlighted that Georgia is working on perfecting the normative base, which provides for the development of innovative technologies in our country, including the creation of innovative financial products. According to Davitashvili, the Ministry of Economy welcomes the entry of innovative businesses into Georgia and their establishment in the local market, as well as the development of technologies that will enable Georgian citizens to carry out various financial operations easily, at lower costs and safely.

  It was mentioned at the meeting that the global financial application Revolut, which has more than 25 million users worldwide, will launch a simplified version of the application in Georgia next year. It was said that the simplified application will be designed for both the local population and expatriate citizens.

  Current situation in the local fintech market as well as development opportunities of Georgia as a potential technological hub were also discussed at the meeting.

• International Youth Day – Finding your place in society

  EU and UNDP help introduce youth work in schools and vocational colleges  

  TBILISI. 12 August 2022 – On the path to creating a high-performing educational system, Georgia introduces new educational models and tools to inspire young people to study hard and strive for professional success. These efforts aim to improve youth education and close the gaps between Georgia and the European countries in the areas related to youth participation and engagement.

  For now, around 34 percent of Georgian youth are not engaged in employment, education or training (NEET), compared to 13 percent on average in the EU. Youth unemployment in some of Georgia’s regions exceeds 40 percent (13.3 percent on average in the EU). Only five percent of Georgian secondary school graduates choose to enter vocational education programmes (48 percent in the EU).

  To help Georgia make education more responsive to the needs and aspirations of young people, the European Union (EU) and the United Nations Development Programme (UNDP) support the Ministry of Education and Science to introduce a concept of youth work in schools and vocational colleges. The initiative is implemented in partnership with ‘Sunny House’, a non-governmental youth organization.

  In 2022, a new cohort of 18 youth workers went through professional training to join nine schools and vocational colleges across Georgia. Youth workers took a lead in establishing youth clubs at the educational institutions and arranging non-formal learning programmes.   

  In July and August, over 100 young people – high-school or college students, engaged in enjoyable and interactive educational activities organised by youth workers with EU and UNDP support.

  In Kachreti, ‘Aisi’ community college grounds turned into a magical world of lost treasures where students had to show their physical and intellectual abilities and team-working skills to win the game.

  In Kobuleti, young people will enjoy a rare opportunity to discuss generational challenges with well-known Georgian writers. The discussion will be organised and hosted by the youth club at ‘Akhali Talga’ (‘New Wave’) college.

  “The European Union helps strengthen links between formal education and non-formal learning to ensure that young people have access to high-quality education and training and improve their transition from education to employment,” said Nino Kochishvili, Programme Officer at the European Union Delegation to Georgia.

  “Getting more young people into employment – jobs that pay well, with real career paths ahead – is a big social and economic opportunity for Georgia. The EU and UNDP join hands with our national partners to curate new and more effective youth education and training programmes. Greater youth employment creates a brighter future for young people and contributes to developing a larger and more dynamic economy for everyone’s benefit,” said Nick Beresford, UNDP Resident Representative in Georgia.

  “We shape our work around the single most important goal – to help young people build skills they need to establish their place in society. Youth work blends formal and informal education to make the educational process richer and more effective,” said youth worker Tamuna Khalichashvili.

  Starting from the new academic year in September, nine youth clubs across Georgia will resume their work to continue supporting young people in their personal development and social integration.

  The EU and UNDP support draws on the EU-funded US$1,000,000 programme which contributes to creating new educational services in vocational education and training (VET), ensuring the sustainable and inclusive development of the VET system and the labour market. The programme is implemented in close partnership with Georgia’s Ministry of Education and Science, educational institutions and the private sector.

• L. Davitashvili noted that it is very important, in general, that Congress expresses clear support for the deepening of cooperation with Georgia

  “During the meeting with our fellow congressmen in the US Congress, we received a very clear support for Georgia. We thank the Congressmen for their bipartisan support, which is expressed in the Georgia Support Act. According to the administration of the Ministry of Economics, clear political support is especially important in a difficult situation in the region, where we are talking about the US Congress and Congressmen supporting Georgia’s territorial integrity and sovereignty in all formats,” – Deputy Prime Minister Levan Davitashvili stated after the meeting with Congressmen Darren Soto and Brendan Boyle. The meetings was held within the framework of the Vice Prime Minister’s working visit to the United States. Ambassador of Georgia to the United States, Davit Zalkaliani also participated in the meeting.

  The meetings with the congressmen focused on the current events in the Black Sea region, as well as the challenges and ways of their overcoming. It was noted that the United States continues to support Georgia in its EU and Euro-Atlantic aspirations.

  Georgia is interested in moving its strategic partnership with the United States to a new level, which is one of the main priorities of the country’s foreign policy. In this regard, the importance of deepening economic relations between the two countries as well as developing trade and investment ties, including the possibility of concluding a Free Trade Agreement with the United States, was stressed. It was also noted that the launching of direct flights between Georgia and the United States will help to further deepen bilateral economic relations.

  Levan Davitashvili noted that it is very important, in general, that Congress expresses clear support for the deepening of cooperation with Georgia, and this is a very clear message. According to him, there is a desire on the part of the Congressmen to implement more joint projects with Georgia.

• Levan Davitashvili at Professional Insurance Day Celebration Event

  Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili participated in the event dedicated to the Professional Insurance Day.

  According to the administration of the Ministry of Economics, Levan Davitashvili addressed the audience focusing on important issues in the field, prospects of its development and the need for cooperation between the state and the private sectors in this process. The Minister stressed the importance of raising public awareness about the insurance, which will contribute to the development of the insurance culture in the country.

  “Development of the insurance sector in Georgia is crucial. We understand that it is impossible to develop many sectors of the economy without proper, quality products and services, which, of course, must develop in the private sector. Achieving the desired pace of development, in turn, largely depends on the relevant economic policy decisions and policy-making as well as the coordination between the parties involved,” – Vice Prime Minister highlighted. 

  Insurance Professional Day was initiated by the Insurance Supervision Service of Georgia and has been celebrated for the first time. Representatives of government and private business, specialists operating in various fields attended the event.

• Readout of Ambassador Tai’s Meeting with Georgian Vice Prime Minister and Minister of Economy and Sustainable Development

  WASHINGTON – United States Trade Representative Katherine Tai today met with Georgia’s Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili.  Ambassador Tai and Vice Prime Minister Davitashvili discussed U.S. support for Georgia in this time of crisis in the region. They also discussed how the United States and Georgia can work together on joint initiatives to further deepen the U.S.-Georgia trade relationship.

  Ambassador Tai and Vice Prime Minister Davitashvili agreed to stay in communication on these, and other priorities, in the future.

  By U.S. Embassy Tbilisi