Middle Corridor route development is discussed by Georgian and Kazakh PMs

Bilateral cooperation with Kazakhstan was praised by Georgian Prime Minister Irakli Garibashvili on Tuesday and the importance of the further development of the Middle Corridor, a route connecting Central Asia and Europe via the South Caucasus, was highlighted by him in a meeting with his Kazakh counterpart Alikhan Smailov in Almaty.
The Kazakh official’s June trip to Tbilisi, where “ambitious plans and potential projects”, including the “full-scale” operation of the Corridor, also known as the Trans-Caspian International Transport Route, had been discussed, was recalled during the visit by the head of the Georgian Government with the aim of extending his gratitude for “warm reception and hospitality”.
The parts also signed a related roadmap, which Garibashvili called “important” in the development of the route during the visit.
The roadmap was also discussed by the PM and Chinese officials during his visit to the country between July 27-31. According to the PM, the future cooperation of the countries will be as fruitful as it was before and is now.
As Smailov stressed for his part, “great importance” was attached to cooperation in transit and transport by his Government. He also said that he welcomed partnership with Tbilisi over the development of the Corridor.
According to Smailov, volume of cargo transportation through the route had increased by 77 percent over the past six months and reached 1.3 million tons.
As he said, an additional impetus to the development of the route has been given by the agreements reached during our last meeting, and digitization, ensuring stable transportation rates and creating a single logistics operator along the Corridor have gained “special importance”.
The transit and transport potential of Georgia was also noted during the explanation of his Government’s interest in increasing the transport connectivity of the South Caucasus region.
According to the official, “close and long friendly ties and multilateral cooperation” connect Kazakhstan and Georgia. He highlighted his gratitude for a “very good atmosphere” during his Tbilisi visit and for his discussions with the Georgian PM where a “wide range of questions” had been involved.
As Smailov said, bilateral ties are further strengthened by a traditional and high-level interaction, as Kazakh Government was ready to further strengthen partnership with Georgia “based on trust and respect”. He added that Georgia is an important and reliable partner of Kazakhstan in the South Caucasus region.
The increase of bilateral trade by 30 percent over the past six months was pointed out by Smailov as the sign of “dynamically developing” cooperation and “positive trends” in trade and economy.
Kazakh Prime Minister suggested to use the possibilities of the intergovernmental commission in order to further increase trade turnover [and] the trade volumes between the countries.
Georgian Prime Minister arrived in Kazakhstan following his trip to China early on Tuesday.

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Trade ties and trade partnership between the UK and Taiwan are strengthened through 26th annual trade talks

Trade and investment relationship between the United Kingdom and Taiwan has a long history and is still developing: in 2022, bilateral trade between the two countries reached an impressive £8.6 billion. The 26th annual UK-Taiwan Trade Talks came in the wake of this burgeoning trade partnership between both countries seeking to expand their economic horizons. It will be co-hosted by Minister for International Trade Nigel Huddleston with Deputy Minister Chern-Chyi Chen later this year.
The annual ministerial trade talks between the UK and Taiwan have been held since 1991 and have served as a cornerstone for fostering mutual understanding and identifying areas of cooperation to drive economic growth.
Such critical subjects as fintech, food, drink and pharmaceuticals were delved into during the last Trade Talks held in Taiwan in late 2022 with the aim to address barriers to trade, to enable more UK firms to export their goods and services to Taiwan and to facilitate increased investment opportunities in the country.
These achievements and further deepening of the bilateral relationship, especially in areas of mutual interest like off-shore wind and hydrogen, are expected to be the main topics of this year’s Trade Talks in London.
The way for the official-level talks on an Enhanced Trade Partnership (ETP) has been paved by recent Minister Huddleston’s discussions with John Deng, Taiwan’s Trade Representative and Minister without Portfolio. Non-legally binding Memoranda of Understanding, focusing on two-way investment, digital trade, energy and net-zero initiatives will fortify this partnership.
A deeper collaboration between the UK and Taiwan, cementing their commitment to free and fair trade underpinned by a rules-based global trading system will be fostered by the ETP. The framework of this partnership will be shaped and its benefits will be maximized by businesses from both sides.
Taiwan and the UK are both the champions of free and fair trade and share the vision of a sustainable, rules-based global trading system. Over 40 British companies have established their offices in Taiwan. It shows the UK’s active role in the country’s green transition and reflects the global push towards a greener future and further enhancing both nations’ positions as leaders in the green energy movement.
The British Office and Taiwanese authorities are focused on enhancing trade and investment ties, addressing market access issues and fostering growth and prosperity by identifying challenges, streamlining trade processes and to creating a conducive business environment.
Another significant event is the UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade group in New Zealand. It is a momentous occasion for the country, as the treaty signed by Business and Trade Secretary Kemi Badenoch makes it a member of this modern and ambitious trade deal, encompassing 12 economies across Asia, the Pacific and now Europe. It will give the UK the access to a vast network of 12 economies across Asia, the Pacific and now Europe and get a plethora of opportunities for its businesses to explore new markets, establish fruitful partnerships and drive economic growth.
A shared vision of prosperity and sustainable development, setting the stage for a brighter future for the UK and Taiwan and strengthening ties with partners around the world is reflected by these initiatives.

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UK and Kazakhstan expand relations in all directions

A soon-to-be signed Agreement on Strategic Partnership and Cooperation shows that in a little more than three decades, diplomatic relations between Kazakhstan and the United Kingdom (U.K.) have become one of the brightest examples of productive cooperation, expanding into a strategic partnership with.
According to Kathy Leach, ambassador of the United Kingdom to Kazakhstan, such important issues as education, energy, critical minerals, climate change, defense and security are covered by the bilateral partnership.
The signing of a memorandum of understanding with Kazakhstan on a strategic partnership in the fields of critical minerals and green hydrogen during British Foreign Secretary James Cleverly’s visit to Astana in March was the highlight of this year.
According to Kenan Poleo, the British Consul General and Trade Commissioner for Eastern Europe and Central Asia, discussions became an important moment in the bilateral relationship.
He said that the visit wasn’t seen just as a standalone. It is actually setting off a wave of activities and a wave of meetings, really going into detail around what the countries’ bilateral relationship looks like, around agriculture, critical minerals and mining, as well as education.
U.K. supports reforms in Kazakhstan
The U.K widely supported Kazakhstan’s recent reforms. U.K. Foreign Secretary James Cleverly supported “the political and socio-economic reforms being carried out in Kazakhstan, aimed at building a just state, a just economy, and a just society” in a joint statement released by the two nations’ foreign ministers in December 2022.
As Kairat Abdrakhmanov, the High Commissioner on National Minorities of the Organization for Security and Cooperation in Europe (OSCE) said during a webinar on Kazakh-British relations, the country’s transformation is associated with the implementation of major political, social, and economic reforms, particularly democratic ones, and the U.K’s support is very significant.
Cultural and humanitarian ties expand
Impetus has also been gained by cultural and humanitarian interaction between the two countries in recent years. A campus was opened by British University De Montfort in Almaty in 2021, while the Scottish University Heriot-Watt will open a branch in Aktobe this autumn.
An expand by 20% is shown by Chevening Scholarship Program of the British Foreign Office for young professionals seeking a master’s degree in the U.K. this year.
Bilateral cooperation’s new growth points
According to Murat Coskun, a European policy researcher at Giresun University in Türkiye, Kazakh-U.K. relations should prioritize education, finance, scientific research and energy.
He said that increasing Kazakhstan’s relationship with the U.K. in these areas will not only boost Astana’s ties with the European Union but will also allow it to assume a more advantageous negotiation stance in relations with China, one of the world’s most powerful economies.
Cooperative extraction and processing of essential minerals, which are now in short supply in the British industry, is also seen by experts as a promising area of trade and investment cooperation between the two countries.
According to Jeff Townsend, the founder of the British Association of Critical Minerals, Kazakhstan is a “good market to work in” with a stable state system and major infrastructure investment, accounting for 60% of regional GDP.
The British Geological Survey selected four of the 18 most important minerals (bismuth, gallium, rare earth elements, silicon) produced in Kazakhstan, and has explored ten elements– vanadium, tungsten, tin, tantalum, niobium, magnesium, lithium, indium, graphite, cobalt.
According to Magzhan Ilyasov, Kazakhstan’s Ambassador to the U.K., the most support will be provided to British enterprises investing in high-value-added products.
Requirements of Middle Corridor and easing visa
The countries’ commitment to increasing trade and energy cooperation with Central Asian countries, including sustainable transport links and the Trans-Caspian International Transport Route, also known as the Middle Corridor, was highlighted by the Group of Seven (G7) Communiqué issued during the G7 summit in May.
Poleo says that this is an opportunity for the U.K. not just to encourage infrastructure investment but also to support a political accord to establish a reliable commercial, logistical route for Central Asia.
Easing visa rules for Kazakh citizens, which reflects the U.K.’s will to establish open ties, thereby creating a favorable basis for human engagement and business development, is another key component of the bilateral agenda.

Kazakhstan established a visa-free regime for British citizens unilaterally nearly a decade ago. Now it is London’s turn to take action on the visa issue and demonstrate how far the British partners are willing to go in their cooperation with Astana.

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A growth by 5% is shown by Kazakhstan economy in first half of 2023

According to primeminister.kz, the government considered the results of social and economic development of the country and the execution of the republican budget for January-June this year at the session.
According to Minister of National Economy Alibek Kuantyrov, Kazakhstan’s economy grew by 5% on average (real sector 4.8%, services sector 4.9%) at the end of the first half of the year. Positive dynamics are noted in all major industries, but construction, trade, information and communication demonstrate the best indicators.
Investments in fixed assets grew up to 13%. The increase of their inflow reached 57% in transportation and warehousing, 32% in trade, 22% in agriculture, 21.5% in education, 10.9% in industry and 11.4% in mining.
Preliminary results show an increase of foreign trade turnover by 8%. Totally it reached $55.8 billion in January-May. The amount of $31.6 billion was reached by exports, while an increase by 3.8% to $10.2 billion was shown by exports of processed goods. Imports of goods reached $24.2 billion. Total positive trade balance of the republic is at $7.4 billion.
Deputy Prime Minister – Minister of Finance Yerulan Zhamaubayev said that more than 9.2 trillion tenge of revenues (the plan was fulfilled by 102.3%) were received by the state budget. Particularly, 6.1 trillion tenge (94.7%) replenished the republican budget, 3.1 trillion tenge (121.7%) went to local budgets. They executed state budget expenditures by 99.3%, republican by 99.4%, local by 99.5%.
As Prime Minister of Kazakhstan Alikhan Smailov emphasized, mining and manufacturing industries, construction and services made the main contribution to economic growth in the reporting period.
The production in machine building grew almost by 30%, including automobile production (by 40%), production of locomotives and railcars (by 36%) and electrical equipment production (by 35%). Light industry grew by 24%, including textile production by almost 42%.
The increase in crude oil production by 5.6% and natural gas production by 2.5% ensured positive dynamics in the mining industry. The growth of construction industry attained more than 12%, agriculture 3% and the service sector almost 5%.
An increase was also demonstrated by the output of beverages, food products, plastic products, mineral products and finished metal products in the republic.
The results of 6 months show that Abay, Akmola, West-Kazakhstan, Kostanay regions, Almaty and Shymkent cities are the leaders in all major macro-indicators.
At the same time, industrial production in Aktobe region decreased by 8.4%, in Karaganda region by 7%, in Kyzylorda region by 1.7% and in West-Kazakhstan region by almost 1%. A decrease by 1.9% was shown by investments in fixed capital in North Kazakhstan region and by 0.7% in Ulytau region.
As Alikhan Smailov said, measures to correct the situation need to be taken until the end of the year by these regions.
According to Head of the Government, by the end of this year it is necessary to ensure the achievement of at least 5% economic growth, which will be a factor in further improving the quality of life of the population. Such needs as strengthening work on diversification of the economy and creation of permanent jobs were noted by him.
He said that it is also necessary to strengthen work on attracting strategic investors in the conditions of global competition for investments and to work directly with each of them at every stage of interaction.
Curbing price growth is another important task. The measures taken in the half-year slowed down the inflation to 14.6% in annual terms.
Prime Minister emphasized on the task to reduce inflation this year by 2 times by taking coordinated and preventive actions. The reduction of inflation to the planned values should be ensured by the Ministry of Trade together with interested state bodies.
The importance of quality implementation of the Comprehensive Privatization Plan, which in the future will reduce the share of the state in the economy of the republic to 14.4% of GDP, was stressed by Alikhan Smailov in conclusion.

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The number of weekly Cargo transit flights between Kazakhstan and Luxembourg has tripled

According to the Civil Aviation Committee’s press service, a memorandum on regular air transportation tripling the number of cargo transit flights per week was signed by Kazakhstan and Luxembourg at an event held to mark the 77th flight by the Cargolux airline at the Astana International Airport on June 29.
Kazakh Minister of Industry and Infrastructure Development Marat Karabayev said that the key agreement was to increase the number of cargo flights from Luxembourg from 7 to 21 a week. He added that flights that used to be charter now have become regular.
Karabayev said that after France and Finland, Luxembourg is the third country with which Kazakhstan signs the fifth level of openness within the open skies policy.
This agreement opened up new opportunities for Kazakhstan’s aviation industry and made the country a key transit hub between Europe and Southeast Asia.
According to Karabayev, additional opportunities for Kazakh aviators’ professional growth and entrepreneurs are provided by new transit flights. The local market can get the goods unloaded in Kazakhstan, while Europe and Southeast Asia will get products loaded in Astana.
The first flight to Astana was made by Cargolux on May 1. Seven flights a week are operated by the airline, providing air connection between Luxembourg, China and Japan through the airport in Astana.
Cargolux President Richard Forson stated that a further increase in the frequency of regular cargo flights to 42 per week in both directions is envisaged by the intergovernmental agreement.
According to Forson, Cargolux hopes that this will lead to an increase in cargo transportation through Astana International Airport in the future, as it connects Europe and Asia.
Cargolux Airlines International S.A., founded in 1970 in Luxembourg, is Europe’s largest cargo carrier, operating 30 aircraft of Boeing 747 and flying to more than 50 destinations worldwide.
The company resumed flights to several Russian cities.
The issue of expanding air traffic between Kazakhstan and Bashkortostan was also worked out by the Civil Aviation Committee. Regular passenger flights on the Astana-Ufa route with a frequency of two flights per week on Tuesdays and Fridays on Sukhoi Superjet 95 aircraft will be resumed by Red Wings airline from July 25.
Regular passenger flights on the Almaty-Sochi route with a frequency of one flight per week on Thursdays on the same type of aircraft were resumed by Russia’s Azimuth Airlines from June 28.

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Deals worth $1.7 billion are forged by Kazakhstan and Germany

According to the Kazakh Invest national company, 23 commercial agreements worth more than $1.7 billion were signed during the Kazakh-German Business Forum on 20 June in Astana.
Kazakh President Kassym-Jomart Tokayev and Germany’s President Frank-Walter Steinmeier, who arrived in Kazakhstan on June 19 as part of an official visit, attended the forum.
The processing of rare earth metals, the production of machine tools for agricultural machinery, textile industry, fisheries and green energy were discussed by the parties.
A $22 million agreement signed between Kazenergopower and Siemens to produce medium-voltage distribution devices for the Kazakh energy sector using Siemens technology is one of the major deals.
A $200 million agreement for the exploration, extraction, and processing of complex rare metal ores in eastern Kazakhstan was signed by Creada Corporation and HMS Bergbau.
Investment projects, which will provide export credit guarantees to German companies and Kazakh companies collaborating with German partners implementing projects in Kazakhstan, will be financed by the Development Bank of Kazakhstan and Landesbank Baden-Württemberg.
The Kazakhstan’s role of the leading economic partner of Germany in Central Asia was emphasized by President Tokayev at the forum.
According to him, $6 billion were invested by the German companies in the Kazakh economy, with 90% of it directed to the non-resource sector. 1,000 companies with German capital are operating in Kazakhstan.
Tokaev said that all German companies, large or small, are warmly welcomed by Kazakhstan, because the country values the German approach to business based on determination, precision and responsibility.
Interest to collaborate in the development of natural resources was also expressed by the Kazakh President.
According to Tokayev, Steinmeier and he agreed to strengthen their countries’ cooperation in the joint exploration and development of natural resources, including realization of the intergovernmental partnership agreement on raw materials, industry, and technology during the meeting
Kazakhstan is anticipated to become the world’s leading producer of green hydrogen, which can open doors to the production of environmentally friendly steel and aluminum, among other metals.
The President Tokaev added that a $50 billion green hydrogen deal, one of the largest such projects in the world, had already been signed with Svevind Group, and he also noticed Kazakhstan’s even greater potential for development in this area.
The importance of the Trans-Caspian International Transport Route (TITR) in the new geopolitical realities was also mentioned by President Tokayev. The twofold increase of the freight traffic to the European Union along the route since 2022 proves it.
The President also added that the work is being carried to modernize the infrastructure and eliminate bottlenecks in order to support the growing volume of trade between East and West and to increase the capacity of Kazakh ports to 30 million tons.
Opportunities for cooperation in innovation, digitalization, and human capital development were also explored during the forum.
Tokayev said that Germany is one of the leading innovation hubs worldwide, known for setting very high standards in technology and science. In its turn, Kazakhstan strives to become a regional innovation and digital center in Eurasia with the aim to engage its German partners in a variety of ways, including technological and digital research and startup development.
The Forum of Rectors of Kazakh and German Universities, attended by Tokayev and Steinmeier, as well as representatives of 11 German and 25 Kazakh technical universities, was hosted by Astana on June 20 as part of collaboration in human capital development.
Tokayev expressed his dream of turning Kazakhstan into a research hub in Eurasia, and an extremely important role in making this dream a reality will be played by the involvement of German universities.
The opening of the Kazakh-German Engineering Institute at the Caspian State University in Aktau and the Kazakh-German Institute of Science and Technology at the East Kazakhstan Technical University was welcomed by him.
The ceremony of the launch of test drilling at the green hydrogen production plant of the Svevind company in the Mangystau Region was attended by Steinmeier on 21 June.

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WTO dedicated session on transit is moderated by Kazakhstan

According to press service of the Kazakh MFA, the WTO dedicated session on transit for landlocked developing countries “Overcoming problems in trade and transit operations” was moderated by Permanent Representative of the Republic of Kazakhstan to the World Trade Organization and International Economic Organizations Zhanar Aitzhan. An in-depth study of best practices, including constraints and challenges faced by landlocked developing countries (LLDCs) and the exchange of experience of WTO member countries to identify best practices and recommendations in the implementation of transit operations are the purpose of this workshop. Ambassador of Paraguay Raul Cano Riccardi, Chairman of the WTO Committee on Trade Facilitation Carlos Guevara, experts from the World Bank, the UN Conference on Trade and Development (UNCTAD), UN Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, the World Customs Organization, as well as representatives of government agencies of Mongolia, Pakistan, Zimbabwe, Gabon and Eswatini were the keynote speakers of the event. As the Permanent Representative Aitzhan noted in her opening speech, the brunt of limited access to maritime ports, longer transport distances and higher transit costs is born by the LLDC countries, separated from the coastlines and major international trade routes. The Ambassador of Kazakhstan developed this idea and added that the ability of LLDCs to fully integrate into global trade was impeded by these hindrances, economic growth and sustainable development are being hampered and poverty reduction is efforted. The crucial role of the implementation of the WTO Agreement on Trade Facilitation (TFA) in facilitating of the flow of goods across the border was also noted by the Permanent Representative Aitzhan. He recommended to improve transport links, to use digital technologies and to reduce trade costs through digital processing of customs data, including the electronic platform of UNCTAD “ASYCUDA”. A UNCTAD expert said that the results of a transit survey among WTO member countries showed that implementing the WTO Agreement on Trade Facilitation helps identify such major problems as collaboration across borders, varying formalities and procedures with neighboring countries, capacity issues (due to high of staff), lack of a national transit coordinator, etc. The implementation of a Regional System of Customs Transit Guarantees to solve delays at border crossing points, long vehicle turn-around/transit time, as well as simplify the customs clearance process and reduce the cost of the guarantee by COMESA was noted by the expert of the Common Market of Eastern and Southern Africa (COMESA) in his presentation. Burundi, Kenya, Rwanda, Tanzania, Uganda, and the African Export-Import Bank have a fully operational system, while the process of fully joining this customs system in Congo, Malawi, Zimbabwe and Zambia is in progress. According to the representative of the Department of Foreign Trade and Economic Cooperation of the Ministry of Foreign Affairs of Mongolia, Ariunaa Adiya, the priorities for her country in the implementation of the TFA are the introduction of a Single Window for export-import and transit operations, modernization of transport infrastructure and increased competition in the transport services market, the creation of dry or multimodal ports, the introduction of paperless trade solutions in the field of customs clearance as well as digitalization delivery services to ensure uninterrupted processing and mail tracking. LLDC members were urged by the Permanent Representative of the Republic of Kazakhstan Aitzhan to accelerate the implementation of tools developed by international organizations, particularly by UNCTAD, to reduce transit time and costs, simplify trade procedures, increase transparency and ensure certainty in cross-border trade.

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An important direction for development of cooperation will be marked by free trade agreement between EEU and Iran

As Armenian Prime Minister Nikol Pashinyan said on Thursday at an enlarged meeting of the Eurasian Intergovernmental Council, a free trade agreement between the Eurasian Economic Union (EEU) and Iran will enter into force and give a strong impulse for development of strategic relations.
According to him, a package of arrangements providing the EEU member states’ exports with preferential access to Iran will be formed due to the work carried out to conclude a full-fledged agreement. He called such conditions of access to the Iranian market exclusive for Armenian exporters.
According to the opinion of Pashinyan, this year this agreement will be signed with the support of the EEU member states. The same attitude is demonstrated by the Iranian side in its turn.
An agreement to establish a free trade zone was signed by the Islamic Republic of Iran and the Eurasian Economic Union (EEU) following the meeting of the delegations of the two sides on January 19h, 2022.
According to Alireza Peyman-Pak, Iran’s Deputy Minister of Industry, Mine and Trade and Head of the Trade Promotion Organisation (TPO) of the Islamic Republic, zero tariffs on 90% of goods were approved by Iran and EEU as part of the Free Trade Zone agreement. The entering into force of the Free Trade Zone agreement is scheduled for the end of September 2023.

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A growth by 54% was shown by cargo transportation via North-South ITC in 5 months of 2023

The Deputy Chairman of the Eurasian Development Bank (EDB) Denis Ilyin reports that an increase by 54% has been attained by the volume of cargo transported via the North-South International Transport Corridor (ITC) from January to May, 2023.
According to Ilyin, Russia-Georgia-Armenia-Iran direction is a possible interconnection between North-South and East-West transport corridors. He said that at a session on transport logistics in Eurasia, held within the frames of Eurasian Congress 2023 in Russian Sochi.
More than $38 billion are needed for implementation of 102 projects of the development of the North-South transport corridor. The state sources finance 67 of them.
Purchase of cars for the South Caucasus Railway in Armenia is a project of the North-South ITC, while construction of the Meghri-Kajaran road section is a project of the Eurasian Fund for Stabilization and Development (EFSD).
The Republic of Armenia and the Eurasian Development Bank (EDB) signed an agreement on the provision of an investment loan from the Anti-Crisis Fund of the Eurasian Economic Community to finance the construction of the north-south road corridor (Phase 4) on April 14, 2015. The investment loan amounted to $150 million is provided for a period of 20 years.
The Eurasian landmass along East–West and North–South axes are being crossed by a system of international transport corridors called the Eurasian Transport Network. The Eurasian transport corridors enable the network to become a tangible foundation for a Greater Eurasia because they extend as far as China, India and the European Union. Digitalizing transport can provide seamless transport connectivity and unlock the full potential of the Eurasian continent’s economy.

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The average rate of economic growth in the first quarter of 2023 (7.2%), an all-time low poverty rate and a record high exports increase rate were reported by the Government

The government program implementation report shows that positive trends in the direction of economic growth continued in 2023, and, as it was preliminarily estimated, the average rate of economic growth in the first quarter of 2023 was 7.2%.
The document additionally reports an increase in employment and a decrease in the unemployment rates in 2022 and the continuation of export growth trend in the period of January-April 2023.
According to the report, in spite of all significant economic challenges, affecting economic policy and requiring an adequate response, economic stability of Georgia was maintained, and a double-digit economic growth was recorded in 2022 (10.1%).
The average rate of economic growth in the first quarter of 2023 was preliminarily estimated to reach 7.2%. A positive effect on the labor market indicators was produced by the increase in economic activity. Particularly, in 2022, employment rate increased and unemployment rate decreased. An all-time low was reached by poverty rate in 2022. In 2022, exports showed an increase by 31.8 percent and reached a record high rate – 5.6 billion USD and continued the trend in the period of January-April 2023. Exports increase reached 23.6%, compared to the corresponding period of the previous year, and equaled 1,962.2 million US dollars.
Direct foreign investment – the volume of direct foreign investment, increased significantly in 2022 (by 61.1%), compared to the previous year, and amounted to a record 2 billion USD. The decrease of the annual inflation level in April 2023 (2.7%) was more than they had expected and even lower than the target index set by the National Bank – 3%.
The government took significant steps to improve its debt management policy and ensure transparency between June 2022 and May 2023.
The Prime Minister has already submitted his annual report on the implementation of the government program to the Parliament. The period from June 2022 to May 2023 was covered by the report. The report will be presented to the Parliament by the Prime Minister of Georgia on June 30.

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