Georgian PM at Silk Road Forum: Georgia is transforming into multi-dimensional regional hub
“Georgia also offers a compelling value proposition for investors as we have created a model in which retained earnings are exempt from the Corporate Income Tax. Further, Georgia has four free industrial zones. Enterprises operating in these zones and manufacturing goods for export are exempt from taxes. All of these contribute to Georgia’s position as an attractive destination for doing business”, Garibashvili added. Photo via Government Administration
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Georgian Prime Minister Irakli Garibashvili on Thursday said Georgia – positioned as a “natural” bridge at the crossroads of Europe and Asia – was transforming into a multi-dimensional regional hub, while his Government had invested “significantly” in modernising infrastructure, enhancing connectivity and fostering “efficient” trade routes.
Speaking at the Tbilisi Silk Road Forum Garibashvili said his Government was “heavily” investing in large-scale infrastructure projects, such as the Anaklia Deep Sea Port, Black Sea submarine electricity cable project, a Black Sea Underwater Fiber-Optic Cable, Railway Modernization Project, the East-West highway, the Baku-Tbilisi-Kars new railway line, a new international airport in Tbilisi and more.
Georgia is ready to play its crucial role as a regional hub of energy transit, freight transportation, and digital interconnections. We have initiated several high-profile projects of strategic importance that carry a global impact in addressing energy security and climate change. As we look ahead, our ambition is to further harness our country’s potential to ensure that Georgia takes its place as a key commercial and financial hub and continues leading the region in technology and education”, he said.
Garibashvili said free trade agreements that Georgia signed with the European Union, European Free Trade Association, Commonwealth of Independent States, China, Turkiye and the United Arab Emirates further “enhanced” Georgia's emerging status as a regional hub.
These agreements already provide investors with access to vast markets, yet the economic policies of our Government additionally encourage investors to expand their businesses in Georgia and take advantage of our access to a 2.3 billion consumer market. Negotiations with Israel and South Korea are underway as well”, Garibashvili said.
The Georgian PM told the audience how the Government succeeded in making Georgia one of the best places in the world to do business over the past decade.
Of note, Georgia has one of the lowest tax rates in the world. Based on the World Bank, Georgia is 3rd least tax burden country with the total tax rate of 9.9 percent. Further, based on the most recent World Bank’s Ease of Doing Business report (2020), Georgia is the seventh easiest country to do business globally”, he said.
"Georgia also offers a compelling value proposition for investors as we have created a model in which retained earnings are exempt from the Corporate Income Tax. Further, Georgia has four free industrial zones. Enterprises operating in these zones and manufacturing goods for export are exempt from taxes. All of these contribute to Georgia’s position as an attractive destination for doing business”, Garibashvili added.
Garibashvili once again highlighted that the “fundamental philosophy” of his Government was to maintain peace and stability, and to ensure predictability and economic prosperity.
Despite complex challenges and the COVID-19 pandemic, we have managed to achieve remarkable economic growth. Georgia’s economy rebounded with a double-digit growth rate of 10 percent in 2021 and 2022. My Government has maintained this positive-growth trend in 2023, with an average economic growth rate of seven percent in the first eight months and with inflation rate less than one percent”, he said.
Garibashvili said Georgia’s record of “prudent” macroeconomic decisions and “well-founded” structural reforms drove its strong economic performance.
It is no coincidence that some of the most reputable financial organisations place Georgia among the world’s most successful, high-ranking countries. Transparency and accountability form the cornerstone of Georgia’s governance. Our persistent commitment to these values is mirrored in numerous prestigious rankings”, he said.
Up to 2,300 delegates from 63 countries are attending the Silk Road Forum to discuss global economic challenges, ways to solve them, and aspects and perspectives of cooperation for connectivity.
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Georgian Economy Minister Levan Davitashvili on Monday said the Anaklia deep sea port project, earmarked for western Georgia's Black Sea town, was developing “according to the plan” and “none of the deadlines” were being exceeded.