Export Promotion Agency to be established in Georgia
Tuesday, April 28
Giorgi Kvirikashvili, Vice Prime Minister, Minister of Economy and Sustainable Development of Georgia has participated in a meeting with the representatives of Italian Export Promotion Agency SACE. The meeting held at the Partnership Fund office was attended by Irakli Kovzanadze, Executive Director of the Partnership Fund, Federica Favi, Ambassador Extraordinary and Plenipotentiary of the Republic of Italy to Georgia and other responsible persons of the Partnership Fund and Embassy of Italy.
After the meeting, Natia Turnava, Deputy CEO at the Partnership Fund and Paola Valerio, Head of International Relations Department, SACE signed a cooperation agreement. According to which, during three months, the Partnership Fund together with SACE will work on establishment of export agency structures and creation of products and procedures that will promote export financing.
A signing ceremony was attended by Giorgi Kvirikashvili, Vice Prime Minister, Minister of Economy and Sustainable Development of Georgia. According to him, the export promotion agency will be established on the basis of the Partnership Fund. All the companies with the potential to become exporters will be financed, including small, medium and large-sized enterprises. As Giorgi Kvirikashvili, Vice Prime Minister mentioned, currently non-existent export fields in Georgia may also be established.
Giorgi Kvirikashvili, Vice Prime Minister mentioned, the Partnership Fund and Ministry of Economy and Sustainable Development of Georgia will cooperate closely to assist export-oriented companies.
“The Fund is cooperating with the international group SACE to share expertise and opportunities with Georgia. The Fund has already started working on the structure of the new agency,” Irakli Kovzanadze, Executive Director of the Partnership Fund said.
SACE will make a recommendation for the Partnership Fund on export promotion mechanisms that will be in compliance with the Georgian reality. As a result, local exporters’ interest on international market will be protected, as well as their competitiveness and financial accessibility will be increased. SACE will provide advisory service and a technical training program focused on products, process management and risk assessment.
The export promotion agency aims at promoting exporters by means of financial mechanisms including export credit insurance, financial guarantees for export companies, credit management and other probed methods.