The Government of Georgia approved strategy for the development of SMEs in 2021-2025

The Government of Georgia approved strategy for the development of SMEs in 2021-2025. Working on the strategy was carried out with the coordination of the Ministry of Economy and Sustainable Development of Georgia, with the support of the European Union and Government of Germany and with cooperation of OECD and GIZ. The members of the Steering Committee and the working group created by the order of the Minister of Economy and Sustainable Development of Georgia were working on this strategy. In addition, the strategy was developed with the extensive involvement of Georgia’s state institutions and the private sector.

The current strategy is based on the Small Business Act for Europe “Think Small First” principle and the best practices of the EU countries. It intends to increase the competitiveness of the SME sector, suggesting a way-out of the pandemic crisis and creating an important foundation for an inclusive and sustainable economy. Therefore, the main goal of the strategy based on the abovementioned principle is to determine specific interests of the country related to SMEs, to shape relevant policy taking into account the successful international practice and to respond effectively to the challenges facing SME sector.

In the future, the implementation of the SME development strategy will make a significant contribution, first of all, to the inclusive development of the country's economic growth, and in turn, it will be reflected in the further improvement of Georgia's assessment in the relevant international rankings.

SARAS participated in the development of this strategy. An important component of the strategy is to increase the transparency and quality of financial information of small and medium enterprises, which will help attract investment: the proper functioning of the Reporting Portal (www.reportal.ge), high quality financial statements prepared and published in accordance with the international standards will assist potential investors, creditors, and other stakeholders in making economic decisions. As a result, increased trust in enterprises will facilitate access to finance and business development.