12 Jan 2010 18:32

Georgia expects $1.2 bln in foreign investment in 2010

TBILISI. Jan 12 (Interfax) - Georgia expects $1.2 billion in Foreign direct investment (FDI) in 2010, the head of the National Investment Agency, Irakli Matkava, told journalists on Tuesday.

The agency bases its forecast on the expected pickup in economic activity and recovering investor confidence.

"Georgia is counting on activity from investors in South and Southeast Asia and the Persian Gulf," Matkava said.

Some global forecasts say that the most investment activity will come from companies in China, India, Brazil and Russia. However, Matkava said, "don't expect activity on that front from Russia, or from Brazil, which generally invests capital in other South American countries."

FDI in January-September 2009 fell 60% year-on-year to $505.2 million. Georgia has slashed its forecast for FDI in 2009 11% to $800 million.

Georgia received $1.5639 billion in FDI in 2008, 22.4% less than in 2007.