“We are opening our doors to halal industry players in Malaysia.”

NIKOLOZ APKHAZAVA, Georgian ambassador to Malaysia

KUALA LUMPUR: The halal industry in Georgia is relatively untapped and the country welcomes Malaysian companies to do business there.

Georgian Ambassador to Malaysia Nikoloz Apkhazava said the country’s halal industry was small and most of the related businesses, certification, products and services came from neighbouring Turkey.

“We have quite a number of tourists from the Middle East and other Muslim nations, and we see good growth for halal products and services in Georgia.

“We are opening our doors to halal industry players in Malaysia.”

Apkhazava said the country also had one of the best and wellmanaged capital markets in Europe.

“The government’s economic policy is free, fair and sustainable development-oriented and it has been implementing legislative and institutional reforms in order to ensure open and fair competition.

“These include proper protection of property and intellectual rights.”

Georgia’s economy grew by 5.2 per cent in the first quarter of this year and the government has forecast a 4.5 per cent growth this year.

International financial institutions have also forecast positive growth for the Georgian economy, with the World Bank forecasting 4.2 per cent growth and both the European Bank for Reconstruction and Development and Asian Development Bank expecting 4.5 per cent growth.

The International Monetary Fund (IMF) expects Georgia to grow by 4.5 per cent this year and 4.8 per cent next year.

“According to the IMF, Georgia will have one of the highest economic growth rates among Eastern European and Central Asian countries in 2018-2023,” said Apkhazava.

Over the medium term, sustained implementation of economic reforms is expected to support higher and more inclusive growth by fostering private investment, productivity and competitiveness.