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Prime Minister Irakli Garibashvili said on August 17 Georgia can become “Luxembourg of the East,” comparing the country’s prospects with one of the world’s top financial centers.

Addressing the public during the presentation of the ruling Georgian Dream’s mayoral candidate in the coastal city of Batumi, Adjara region, the PM spoke of plans to turn Gonio, a seaside resort south to Batumi, into a “new financial center.”

“One of the main big projects we are launching is building a new city in Gonio. Gonio needs to become a new financial center. Georgia has the possibility to become Luxembourg of the East,” Prime Minister Garibashvili said.

He called it an “ambitious plan and vision” to be realized together. “For this, we need a stable environment. We need a predictable environment, which is overly important for everybody, for each of our citizens, for investors, tourists, and for every person living on this soil,” he added.