TI Georgia: 38% of FDIs came from offshore companies between 2011-2020

Transparent International Georgia NGO says that the absence of regulations for offshore companies contributes to corruption in Georgia. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 10 Jun 2021 - 15:15, Tbilisi,Georgia

Georgia has received %5.2 billion in Foreign Direct Investment (FDI) from offshore companies between 2011 and 2020 which amounts to 38% of total FDIs of the period, says Transparency International Georgia.

In its survey on offshore companies, business interests and corruption threats, TI says that 3,200 companies are registered in Georgia which are partly or fully owned by offshore companies. 

The NGOs say that high ranking Georgian officials, who are banned from business activities, may own several offshore companies and participate in state procurements in this way. 

The NGO says that the companies registered offshore own up to 160 large and medium enterprises and companies in the country like Tbilisi Energy, Beeline, Rustavi Auto Market, Batumi International Container Terminal, Rustavi Steel and others.