BAKU, Azerbaijan, Aug. 30
By Klavdiya Romakayeva - Trend:
Georgia will assist enterprises producing goods for export in the form of co-financing of the interest rate of the loan, the head of the Ministry of Economics of Natia Tournava said, reports Trend with reference to the Georgian media.
According to the information, starting from September 2021, new directions of the ‘Produce in Georgia’ state program will be involved in order to develop local production and gradual import substitution.
Tournava said the state will assist enterprises producing goods for export or competing with imported goods in the form of co-financing the interest rate of the loan about 60 percent of co-warranty to banks and grants in the amount of 15 percent of the loan.
According to the national statistical service of Georgia, the country has a negative trade balance, which means that the volume of imports is higher than the volume of exports.
In 2019, the negative trade balance amounted to $5.7 billion, while in 2020 according to preliminary it amounted to $4.7 billion.
In addition, due to the negative trade balance from the country, foreign currency is leaving, which is negatively affecting the course of the national currency.
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