World Bank helps Georgia boost cross-border trade
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The Investment Climate Advisory Services of the World Bank Group is helping modernize trade logistics system and streamline customs procedures, saving time and boosting cross-border trade.
The upgraded integrated customs information system will be used to manage trade transactions by the Georgia Revenue Service. As a result, enhanced features will modernize and streamline customs procedures.
"The new system will greatly increase the efficiency of customs administration. The system is based on modern technology and will bring the Georgian customs’ IT system into a new era,” said Georgia Revenue Service director general Irakli Gvaramadze.
The upgrade will enable efficient and compatible data exchange between the Revenue Service and other agencies.
International Finance Corporation (IFC) South Caucasus regional manager Thomas Lubeck believed upgrading the system at Georgia customs would allow more efficient cross-border trade.
IFC, a member of the World Bank Group, has partnered with the United Nations Conference on Trade and Development (UNCTAD) to upgrade the integrated customs information system used to manage trade transactions by the Georgia Revenue Service.
The World Bank Group is launching a new four-year Country Partnership Strategy (CPS) for Georgia that will see around $1.2 billion USD allocated to the country for financial support.
The World Bank (WB) says it’s eager to support Georgia implement its four-point reform agenda, which includes new tax benefits, infrastructure plans, governance reforms and an overhaul of the education system.