Georgia leading in EU Eastern Partnership’s small, medium-sized business policy
The Georgian Economy Ministry said the ranking highlighted the country’s “rapid” post-Covid economic recovery and highlighted the globally recognised high standards in regulatory and business environments. Photo: Nino Alavidze/Agenda.ge
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Georgia has maintained the status of a frontrunner in the Small and Medium-Sized Enterprises Policy Index involving the European Union’s Eastern Partnership countries, with the latest ranking revealed by the Organisation for Economic Co-operation and Development on Wednesday.
The report covering Armenia, Azerbaijan, Georgia, Moldova and Ukraine placed the country at the top in 11 out of 12 categories, ranging from institutional and regulatory framework, operating environment, insolvency and second chances, entrepreneurial training and women's entrepreneurship.
The categories also involve small and medium entrepreneurship skills, access to finance, state procurement, standards and technical regulations, internationalisation of small and medium entrepreneurship, business promotion services and innovative policy.
The Georgian Economy Ministry said the ranking highlighted the country’s “rapid” post-Covid economic recovery and highlighted the globally recognised high standards in regulatory and business environments, while also nothing SMEs in Georgia benefited from simple registration, a preferential tax regime, expanded e-government services, simplified access to finance and more systematic use of Regulatory Impact Assessment.
The OECD's 2024 SME Policy Index, in its fourth edition, assessed Eastern Partnership countries based on policies supporting small and medium enterprises aligned with the Small Business Act for Europe and international best practices.
Conducted every four years, the index evaluates countries across five critical areas, including responsible government, entrepreneurial human capital, access to finance, market access, and innovation and business promotion.
The latest index was developed with the support of the European Training Foundation and the United Nations Economic Commission for Europe, and with the financial assistance of the European Union.
Ilia Darchiashvili, the Georgian Foreign Minister, on Monday said the ministerial meeting of the European Union’s Eastern Partnership initiative later today would stress Tbilisi’s "keen interest" in maintaining “active participation” in the format.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Friday said access to finances was a “critical factor” for the success of micro, small and medium enterprises, in comments during the signing of a cooperation agreement between the domestic Terabank and the Netherlands Development Bank.
Georgian Deputy Economy Minister Irakli Nadareishvili on Wednesday said increasing the effectiveness of the small and medium-sized business sector was a “priority direction” of the Georgian Government’s economic policy.
Georgia has improved its position in all 12 categories in the SME Policy Index - 2020 published by the Organisation for Economic Cooperation and Development (OECD) since the previous report that was published in 2016, announces the Georgian Ministry of Economy.
William Tompson, the Head of the Eurasia Division in the Organisation for Economic Co-operation and Development’s Global Relations Secretariat, on Thursday said Georgia had experienced “huge success” after 2020 due to a “consistent policy” of its state agencies.
Mikheil Khidureli, the CEO of Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports, on Friday highlighted the Government’s “supportive mechanisms” to promote small and medium-sized enterprises in Georgia.
Paweł Herczyński, the Ambassador of the European Union to Georgia, on Friday highlighted the country’s “leading position” in the Small and Medium-Sized Enterprises Policy Index involving the EU’s Eastern Partnership countries.
Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Friday said the country’s “leading position” in the Small and Medium-Sized Enterprises Policy Index involving the EU’s Eastern Partnership countries was a “recognition” of the Government's “successful” economic policy.