Georgian PM at Silk Road Forum: Georgia has one of the most liberal tax policies, is attractive for investors
Prime Minister Gakharia pointed out that the volume of foreign direct investments exceeded eight billion dollars over the past five years. Photo: Government's press office.
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PM Giorgi Gakharia says that Georgia offers one of the most liberal tax policies, unique opportunities for capital investment, trade and innovation, using the country’s geopolitical location, “which has already led to more than eight billion USD investments in the country over the past five years.”
Gakharia has made the statement during the Tbilisi Silk Road Forum earlier today.
Georgia is the gateway of the region. Our goal is to integrate not only with the East and West, but also with the North and South,” said Gakharia.
He noted that the main goal for the Georgian government is to create more jobs, strengthen the middle class and ensure peace and stability in the country.
Free trade and preferential trade agreements allows business entities operating in Georgia to enter the 2.3 billion consumer markets all over the world. Photo: Government's press office.
Georgia offers the world a liberal tax system, less taxes and low tax rates. Reinvested earnings are taxed with zero interest according to the [Georgian] tax system. There is no capital gains tax and no limits on capital repatriation,” said the Prime Minister.
Gakharia spoke about the free trade agreement between the European Union and China, Turkey, CIS countries, and the European Free Trade Association. He also noted the preferential trade system between the US, Canada and Japan. Gakharia pointed out that Georgia is starting free trade agreements with India and is in the final stages of formalizing an agreement with Israel.
These free trade and preferential trade agreements allows business entities operating in Georgia to enter the 2.3 billion consumer markets all over the world.
In addition to a strong trade network, Georgia is investing in infrastructure, transport and logistics to strengthen its connections with [other regions.]”
Georgia is starting free trade agreements with India and is in the final stages of formalizing an agreement with Israel. Photo: Government's press office.
[Government] aims to make Georgia a regional transport and logistics hub,” he said.
The Prime Minister also pointed out Georgia's improved international business rankings.
Georgia is ranked sixth in the “Doing Business” ranking by the World Bank. The index measures the ease of doing business in international economies.
Georgia’s economic freedom score is 75.9, making its economy the 16th freest among 180 countries in the 2019 Index of Economic Freedom, provided by the Heritage Foundation.
Georgia offers the world a liberal tax system, less taxes and low tax rates. Photo: Government's press office.
In the annual Corruption Perceptions Index (CPI) by the Global anti-corruption organisation, Transparency International (TI), Georgia is ranked 41st out of 168 nations.
This year Georgia has upgraded in Standard & Poor's (S&P) long-term foreign and local currency sovereign credit ratings from "BB-" to "BB".
Eighteen infrastructure projects worth 3.4 billion USD will be carried out to boost Georgia’s transit potential, said the Infrastructure Minister Maia Tskitishvili at Tbilisi Silk Road Forum today.Tskitishvili noted the importance of the construction of the East-West Highway in the country, which will ensure faster and safer movement in the country.
Georgian Prime Minister Giorgi Gakharia, who has opened the two-day Tbilisi Silk Road Forum attended by 2,000 delegates from up to 60 countries, has stated that the conception of the New Silk Road, to connect Europe with Asia, and the participation in the initiative is among the top priorities of the Georgian government.
Tbilisi is hosting the Silk Road Forum on October 22-23 for the third time and will welcome 2,000 government and business sector representatives from around 60 countries to discuss opportunities of strengthening political, economic and cultural relations between Asia and Europe.
The second Silk Road Forum, titled ‘Tbilisi Belt and Road Forum’ continues in Georgia’s capital with a panel discussion titled ‘Use Investment Opportunities’. The first session under this panel, Georgia’s Investment and Trade Opportunities, is being moderated by well-known media consultant Jan Burel.
In total 300 different meetings have been held during the 22-23 October Tbilisi Silk Road Forum, Georgian Infrastructure Minister Maia Tskitishvili has stated earlier today, expressing hope that the meetings involving Georgia “will be translated into investments.”