Georgian PM offers Ripple CEO to open Corporate Service Centre in Georgia
By Khatia Bzhalava
Tuesday, May 24, 2022
Georgian Prime Minister Irakli Garibashvili met Brad Garlinghouse, Chief Executive Officer of Ripple within the scope of his visit to Davos yesterday. The PM offered the CEO of Ripple, a United States-based technology company, to consider opening a Corporate Service Centre in Georgia, stressing that the country has a favorable investment climate and stable location.
The PM emphasized that the domestic market is favorable for the development of digital assets and it advances at a fast pace. He also noted that young, experienced, and competitive human capital makes Georgia fit for a multifunctional global and regional hub for financial services, and technological and innovative industries.
“With its reputation and friendly business environment, Georgia has shaped into a global leader with its ease of doing business. The country ranks among the developed markets including the USA, Singapore, Denmark, Norway, and the UK,” the Government Administration’s statement reads.
At the meeting the PM also noted that the Government had created a draft legal framework for the regulation of virtual assets, stating that the bill is being discussed with various stakeholders before its submission to the Parliament. According to him, the drafting is expected to be completed by the end of the year.
Garibashvili also told the CEO of Ripple that Georgia is successfully using Blockchain technology and is the first country in the world to introduce Blockchain technology in the public sector, namely in the process of land registration, which helped to cut the operation costs by 30%.
The meeting was held within the framework of the Prime Minister’s visit to the World Economic Forum in Davos. As Revaz Lominadze, the Georgian Ambassador to Switzerland noted, the participation of a Georgian delegation in the forum was “extremely important” in light of the political and economic challenges facing the world. As he noted, Prime Minister Garibashvili had actively participated in the thematic panels of the forum and is scheduled to hold high-level bilateral meetings with leaders of different countries and representatives of large business companies.
Earlier yesterday, Garibashvili met with Kristalina Georgieva, Managing Director of the International Monetary Fund. The sides discussed Georgia's investment environment, ongoing economic processes, and the dynamic of post-pandemic economic revival. The meeting particularly underlined the critical role played by the relevant program supported by the IMF in the rapid post-pandemic recovery of Georgia's economy.
