Georgian politicians react to US DoS report on Georgian investment climate
Georgian Economy Minister Natia Turnava said that according to the statement the decisions made by the Georgian economic team contribute to the improvement of the investment environment and make all sectors of the Georgian economy attractive for foreign investors. Photo: Ministry of Economy.
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Georgian politicians have welcomed the 2021 Investment Climate Statements on Georgia published by the US Department of State today.
Georgian Economy Minister Natia Turnava said that according to the statement the decisions made by the Georgian economic team contribute to the improvement of the investment environment and make all sectors of the Georgian economy attractive for foreign investors.
It is gratifying that the US Department of State's 2021 Investment Climate report on Georgia continues to assess the investment climate in our country at a very high level. It emphasises that attractive conditions are created for investors", Turnava said.
Vice-speaker of Parliament Archil Talakvadze said that the report confirms that Georgia has a reliable and sustainable investment environment, which means that institutions and reforms protect the investment environment in the country.
He perceives the report as an 'important message and support from the US government'.
Such reports are read by global investment companies and are an important signal that Georgia will host more investment in the post-pandemic period. As for the criticism related to the court, the solution is the next wave of reforms that we have planned and are implementing together with our partners", Talakvadze said.
Georgian Minister of Foreign Affairs Davit Zalkaliani said that the report comes as 'another manifestation of the existing close strategic partnership between Georgia and the United States, confirming that Georgia is on the right path of development, underscoring that Georgia remains a leading nation in the region, acting as a reliable ally for our Western partners'.
Opposition MP from Citizens party Aleko Elisashvili said that 'if our court is not credible, no one will invest in the country'. He commented on a part of the statement which reads that there is an increasing lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timely, competent manner in Georgia.
Eliashvili also said that judicial reform is needed to be implemented in Georgia, which will be trusted.
The World Bank, the Organization of the Black Sea Economic Cooperation (BSEC) and the government of Georgia have started consultations on 'bluing the Black Sea' to address marine pollution and provide Georgia with a valuable opportunity to integrate the Black Sea into the country’s strategies for climate adaptation and mitigation.
The European Union has published its Association Implementation Report on Georgia, which says that the country ‘continued steadily on its European path including in the challenging COVID-19 context’. The document published earlier today reads that Georgia ‘has remained committed to the implementation, obligations and undertakings of the Association Agreement, despite COVID-19 related challenges’.
Business and investment conditions are sound in Georgia, however, there is an increasing lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timely, competent manner, read the 2021 Investment Climate Statements about Georgia published by the US Department of State.
fDi Intelligence publishes report on investment potential of Georgia
News and FDI publication, fDi Intelligence, has published a special report titled 'Georgia Pushes its Boundaries – the Country is Positioning Itself as the Next Global Trade Hub', which overviews the investment potential of the economic sectors of Georgia and offers exclusive interviews with high officials from Georgia's economic team.
Following a 'much-improved' macroeconomic baseline, Fitch Ratings has revised the outlook on Georgia's long-term foreign-currency issuer default rating (IDR) to stable from negative and affirmed the IDR at 'BB'.