Georgia ranking high in region as “good place” to do business despite challenges - US State Department
The report noted that overall, business and investment conditions in the country were “sound”, and Georgia “favourably” compared to the regional peers. Photo: GettyImages
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Georgia ranks high in the region as a good place to do business despite challenges, the 2022 Investment Climate Statements, released by the United States Department of State on Thursday, said.
The report noted that overall, business and investment conditions in the country were “sound”, and Georgia “favourably” compared to the regional peers.
“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, with some business dispute cases languishing in the court system for years”, the report said.
Other companies complain of inefficient decision-making processes at the municipal level, shortcomings in the enforcement of intellectual property rights, lack of effective anti-trust policies, accusations of political meddling, selective enforcement of laws and regulations, including commercial laws, and difficulties resolving disputes over property rights”, the report noted.
The report stressed that the Georgian Government continued to work to address these issues, and despite these remaining challenges, “Georgia ranks high in the region as a good place to do business”.
The 2022 Investment Climate Statements released by the United States Department of State on Thursday said the National Bank of Georgia and Georgian financial institutions were acting "fully in accordance" with the financial sanctions imposed by the United States and others on Russia due to its invasion of Ukraine.
Georgian and Kazakh officials have signed several agreements during the ongoing visit of the Georgian Government’s delegation to Kazakhstan aimed at further deepening economic relations between the two countries, Georgian Economy Minister Levan Davitashvili announced on Wednesday.
The Starlink project will start operating in Georgia next year to provide high-speed broadband internet through satellite systems in the country, Georgian Economy Minister Levan Davitashvili announced on Friday after his meeting with Starlink Market Access Manager Ben MacWilliams.
Georgia has ranked 7th among 190 countries in the World Bank Doing Business 2020 ranking, preceding the states like the UK, Norway and Sweden. Last year Georgia ranked 6th on the list. Georgian Economy Minister Natia Turnava says that the 83.7 score is the “historic maximum” for Georgia.
The United States Department of State’s 2022 Investment Climate Statements, which on Thursday said the National Bank of Georgia and Georgian financial institutions were acting "fully in accordance" with the international financial sanctions imposed on Russia due to its invasion of Ukraine, is a “cold shower” for Georgian Government’s critics, ruling party MP Mikheil Sarjveladze said on Friday.
The United States Department of State’s 2022 Investment Climate Statements has confirmed that the Georgian Government has never allowed Russia to circumvent international sanctions imposed on it for invading Ukraine through the use of the Georgian territory or “any other means”, Prime Minister of Georgia Irakli Garibashvili said on Friday.
Georgian Ambassador to the United States David Zalkaliani on Friday said the Department of State’s 2022 Investment Climate Statements “clearly” emphasised the “remarkable achievements” of Georgia, "endorsed" by the data of many international rating agencies "in almost all fields".
Georgia has ranked 63rd among 191 countries in the United Nations' Human Development Index 2021-2022, maintaining its place on the list of the countries with a “high level of human development”.
The Georgian Government has developed a strategy with large investments in renewable energy, including solar and wind energies, and a plan to use “this cheap energy” and the “strategically important” location of the country, Georgian Prime Minister Irakli Garibashvili said on Thursday at a panel discussion Eurasia's Middle Corridor: From Pathway to Highway within the framework of the World Economic Forum in Davos.
The 2023 Investment Climate Statements of the United States Department of State on Thursday highlighted business and investment conditions in Georgia as “sound”, adding the country “favourably” compared to regional peers.
Irakli Nadareishvili, the Deputy Minister of Economy and Sustainable Development of Georgia, on Thursday said the latest report by the United States Department of State had given “high marks” to Georgia’s investment environment and ongoing economic reforms in the country.