On October 16, a new initiative “Trade Ready” – was launched in Georgia, aiming to support small and medium-sized enterprises (SMEs) to improve their competitiveness and results on international markets. PMCG, as a partner to leading DAI Europe, will work under this EBRD initiative, funded by the European Union.
The project team will conduct a series of trainings and advisory services for the staff of partner banks and develop tailored capacity-building measures. Moreover, it will assist them in developing and testing new financial products, tailored to support SMEs to facilitate exports. At the same time, the team will assist the SMEs by providing necessary trainings on international trade and on the ways of incorporating know-how in their international operations.
Aleksi Aleksishvili, CEO and Chairman at PMCG, moderated the launching event. Representatives of the public and private sectors discussed current challenges and opportunities for local SMEs and the ways in which “Trade Ready” will contribute to meeting their needs effectively. The event was opened by Bruno Balvanera, Director for the Caucasus at EBRD; Dominik Papenheim, Programme Officer, Private Sector Development at EU Delegation to Georgia; and Mikheil Khidureli, Director at Produce in Georgia all of whom highlighted the importance of the initiative.
According to the recently published Global Competitiveness Report 2017-2018 by the World Economic Forum, Georgian businesses named a small market and a lack of innovation as their biggest challenges.
“Trade Ready” is focused on addressing the challenges faced by many Georgian companies when they try to integrate into international trade flows. Indeed, the initiative offers trade finance training and trade-related business advice for SMEs, networking opportunities with local banks and other institutions, as well as policy dialogue to facilitate improvements in the regulatory environment.
While banks can expect to attract new clients with the introduction of new trade finance products, and businesses will benefit from better access to finance and the chance to expand into international markets.