News & Media

Working meeting with Innovation Norway

Posted on: 10 Oct 2013

Irakli Kovzanadze, Executive Director of the Partnership Fund (PF) met with Erik Welle-Watne Director of Innovation of Norway, an arm of the Ministry of Trade and Business. Aimed at supporting Norway’s businesses oversees, Innovation Norway implements projects in cooperation with the Norwegian companies in Russia, Ukraine, Azerbaijan, Latvia, Lithuania and Poland. Mr. Kovzanadze presented the PF’s mandate and opportunities to the Norwegian delegation. According to him, the Norwegian side’s interest in investing in Georgia’s economy is yet another positive signal. "The Georgian economy is open to discuss any good idea and useful proposal. In terms of attracting FDI, the transparent work of the government’s economic team has already bore fruit. Today’s meeting illustrates this fact. The fund has been working actively to establish useful economic links with potential partners and to work out new projects. We introduced the Fund’s opportunities and work guidelines to our Norwegian counterparts as well as told them about the completed and ongoing projects. In the near future, the Partnership fund will be transformed into the Sovereign Fund bringing it closer to Norwegian standards. With regard to this, share their experience and building intensive partnership sounds even more interesting. I think that the interest from the Norwegian side will lead to concrete initiatives in the near future,” Mr. Kovzanadze said. According to Eric Welle-Watne, Director of Innovation of Norway, for Norway, Georgia has become interesting as the country’s statistic information shows positive trend. "We see that Georgia is becoming attractive place for investment; therefore, for us it’s a priority to establish partnership with those agencies which are responsible to attract FDI. At some points our funds are similar to each other in terms of the structure and way of operation, which is a good prerequisite for developing fruitful cooperation. PF is the state-owned investment vehicle which supports private sector in investing into selected commercially viable projects. So, partnership with the PF is interesting for us. At the meeting we received full information about general economic trends and current business climate as well as about the Partnership Fund’s opportunities. I hope that there is a real and good prospect for deepening bilateral trade-economic links between Georgia and Norway as well as for attracting Norwegian investors to Georgia,” Eric Welle-Watne noted.