The new EU Twinning project was launched to raise the quality of financial accounting and auditing in Georgia, the main partner country within the project is Greece.

The opening ceremony of the project was held at Courtyard Marriott hotel and Deputy Minister of Finance Nikoloz Gagua addressed the invited guests. As he noted, the EU Twinning project will contribute significantly to the financial accounting, reporting and in the process of developing the audit.

"This reform promotes the development of improved corporate governance, growth and development of transparency in the business sector. It is important for long-term economic growth in the country and to reduce risks in economics. The results of this reform will reflect the growth of access to finance and reduction of interest rates. The active support of the EU is important for strengthening the reform and for the development of the country's economy in this direction, "said Deputy Minister of Finance Nikoloz Gagua.

"The closer approximation of the Georgian law with the EU standards and the strengthening of the capacity of the service will enhance financial transparency and stability in the country, which will make it more attractive for Georgian business and investment," said Head of the EU Delegation of Projects in Georgia, Vincent Reim.

"We believe that this is a very important project for Georgia. Financial accounting and audit must be reliable and transparent. Georgia does not lack experience in this field, but the country needs to fulfill its obligations to the EU. We have this experience because Greece has gone through the path to the EU. We also had the same problems that you face now, so I think it's easier for us to help you in the process of reform”, Dimitrios Karabalis, the Ambassador Extraordinary and Plenipotentiary of the Hellenic Republic to Georgia, said.

Project leaders - Head of the Service for Accounting, Reporting and Auditing Supervision, Yuri Dolidze and Panagiotis Giannopoulos, Deputy Chairman of Hellenic Accounting & Auditing Standards Oversight Board (HAASOB), introduced to the public the project objectives, and mentioned that in order to achieve common goals, they plan to have close and long-term cooperation.

The official opening of the project was attended by business associations, state institutions, academic circles, professional organizations and representatives of diplomatic missions.

The Twinning Project aims at improving financial accounting, reporting and audit quality in Georgia, which is achieved through strengthening administrative capabilities of Service for Accounting, Reporting and Auditing Supervision (SARAS) through the integration of Georgian legislation with relevant EU legislation. The project will also help Georgia fulfill its obligations under the Association Agreement.

Increasing financial accounting and audit quality of enterprises is crucial to establishing a more transparent, stable and prosperous business environment and resulting in effective economic decisions.

Through the Twinning projects, the European Union promotes institutional cooperation between EU member states and public institutions of Georgia. This partnership is based on sharing best practices and expert knowledge through activities such as seminars, trainings, study visits and more.