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Newspaper: Czech Republic top investor in Georgia, 2007

By M. Alkhazashvili
(Translated by Diana Dundua)
Wednesday, March 5
The Czech Republic was the biggest investor in Georgia last year, investing USD 222.2 million—around ten percent of the total figure.

Total investment in 2007 reached USD 2.2 billion, of which USD 700 million was in the banking sector, according to the newspaper 24 Saati.

The government has been touting the importance of attracting foreign investment in tackling the country’s unemployment problem, although analysts play down its significance.

“The idea that foreign investment in Georgia will improve the economic sector and solve the unemployment problem is nonsense. Foreign investment is definitely significant but it will not directly have an impact on the unemployment problem,” economist Demur Giorkhelidze said. He emphasizes the importance of developing local business in order to tackle unemployment.