October 25, 2012 - 21:49 AMT
PanARMENIAN.Net - Georgian tycoon Bidzina Ivanishvili has been confirmed as his country's new prime minister, three weeks after his bloc's shock election victory, BBC News reported.
Parliament, meeting in the city of Kutaisi, ratified his appointment by 88 votes in favour to 54 against.
He told MPs the new government would "develop democratic institutions and establish the rule of law".
His victory was a blow to Georgia's pro-Western President, Mikheil Saakashvili, in power since 2004.
The new prime minister, who made his fortune in Russia, is seen as someone who might mend ties with Moscow.
On 1 October, the Georgian Dream coalition won 85 seats to 65 for Mr Saakashvili's United National Movement.
Addressing parliament on Thursday October 25, Mr Ivanishvili said his bloc's win had been a vote by the Georgian people for "fundamental changes".
He insisted Georgia's foreign policy would continue to be oriented towards integration with Nato and the EU.
Mr Ivanishvili will have to work together with Mr Saakashvili for the first year of the new government, after which the president is due to step down to allow a successor to be elected.