Malaysian companies urged to tap SME sector

KUALA LUMPUR: Small and medium enterprises (SMEs) in Malaysia are encouraged to tap opportunities in Georgia as it opening up to foreign businesses and investments.

Georgian Ambassador to Malaysia Nikoloz Apkhazava said the SME sector in Georgia was growing fast and opening up to new investments from Malaysia.

“We have submitted a memorandum of understanding (signed) with the SME representative in Malaysia for our Enterprise Georgia (under the Economics and Sustainable Development Ministry in Georgia) and we are waiting for feedback.

“We are also looking forward to establishing cooperation with other agencies and associations such as the chambers of commerce. And we expect these deals to be concluded by this year,” he added.

The main sectors for foreign direct investment in Georgia are manufacturing, energy, agriculture, tourism and hospitality, logistics and transport.

Another area is the fast-growing tourism sector.

Apkhazava said Georgia’s tourism industry had grown significantly in recent years and was an important driver of economic development.

The number of visitors to Georgia hit 7.6 million last year.

He said some of the business perks in the tourism sector included free land, profit and property tax exemptions until 2026 and free casino licence for hotels with more than 80 rooms.