PM to World Government Summit: Georgia “one of the best places to do business”
Georgian Prime Minister Irakli Garibashvili on Monday told the World Government Summit in Dubai his Government had succeeded in making Georgia "one of the best places in the world to do business" over the past decade. Photo: Govt' Administration
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Georgian Prime Minister Irakli Garibashvili on Monday told the World Government Summit in Dubai his Government had succeeded in making Georgia "one of the best places in the world to do business" over the past decade.
Georgia has one of the lowest tax rates in the world. According to the World Bank, Georgia is the third Least Tax Burdened Country, with the total tax rate of 9.9 percent. Furthermore, based on the World Bank’s most recent Ease of Doing Business report, Georgia is the seventh easiest country to do business globally", Garibashvili said.
The PM named the reasons that contributed to Georgia’s position as an "attractive destination" for doing business.
Georgia 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", he said.
Photo: Gov't Administration
The head of the Government also noted Georgia's recognition by its positions in various international rankings, crediting the "tremendous progress" the Government had made in promoting economic freedom and creating a "more prosperous" future for all citizens with the outcome.
The Fraser Institute's Economic Freedom of the World 2022 report has placed Georgia among the top 15 nations with the freest economy. According to the International Budget Partnership’s 2021 Open Budget Survey, Georgia is ranked first out of 120 countries in the global ranking in State Budget Transparency.
Based on the Investment Policy Assessment’s FDI Regulatory Restrictiveness Index, Georgia is ranked eighth among more than 80 countries as one of the most open economies in the world in terms of attracting investments. The Heritage Foundation Index of Economic Freedom 2022 ranks Georgia 18th in Europe - well ahead of many EU member states, with the global ranking of 26th out of 177 countries", Garibashvili said.
The PM noted that while taking "decisive actions", the Georgian Government maintained "transparency and openness of its work", set "high standards" in the fields of open governance, and in fighting against corruption and safety.
Photo: Gov't Administration
Our efforts found reflection in several major indices, including in Transparency International’s The Corruption Perception Index 2022, which ranks Georgia 41st out of 180 countries in the world. Also, Georgia is ahead of many EU and NATO countries according to the World Bank's 2021 governance indicators”, he told the Summit.
According to the World Justice Project's 2022 Rule of Law Index, Georgia is ranked first in the Eastern Europe and Central Asia region. Last, but not least, pursuant to the NUMBEO Crime Index 2023, Georgia is ranked 18th, as one of the safest countries in the world, and eighth safest in Europe", Garibashvili said.
The World Government Summit is hosted between Monday and Wednesday with the theme of “Shaping Future Governments”. The Georgian PM was participating in the Summit session titled “Unleashing Georgia's Potential: A Journey Toward Economic Prosperity”, where he discussed measures taken by the Government to attract investment, create job opportunities, and spur economic growth in the country.
Georgian Prime Minister Irakli Garibashvili on Monday told the World Government Summit in Dubai his Government had managed to maintain the country’s economic stability despite the “grave geopolitical situation” and challenges in the wider region, as well as “declining global economic prospects” in the aftermath of the coronavirus pandemic and the ongoing Russia-Ukraine conflict.
Georgian Prime Minister Irakli Garibashvili on Monday said his Government was “determined to swiftly progress” on its European Union accession, with the membership candidate status being “our next immediate milestone”.
Georgian Prime Minister Irakli Garibashvili on Monday said his Government's goal was to turn the country into a "true multidimensional regional hub", in comments at the World Government Summit in Dubai.
Your Highnesses, Excellencies,Dear Friends,It is my great honour to address you all today at the UAE World Government Summit. I would like to extend my warmest greetings to His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the UAE and the Ruler of Dubai, and the esteemed members of the UAE Government.
Georgian Prime Minister Irakli Garibashvili on Monday told the World Government Summit in Dubai his office was fostering an environment encouraging “entrepreneurship and innovation, attracting investments, creating jobs, and improving the standard of living” for the country’s citizens.
Deepening of cooperation and boosting of economic ties and connectivity between Georgia and the United Arab Emirates were discussed on Monday in a meeting between the Georgian Prime Minister Irakli Garibashvili and Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE.
Georgian Prime Minister Irakli Garibashvili on Monday highlighted “important” economic reforms implemented in the country over the recent years in his address at the World Government Summit in Dubai, Revaz Javelidze, the Head of the Government Administration, said.
Paata Kalandadze, the Georgian Ambassador to the United Arab Emirates, on Monday said Prime Minister Irakli Garibashvili had been given an “exclusive opportunity” to brief the ongoing World Government Summit in Dubai about the achievements of his country.
Georgian Finance Minister Lasha Khutsishvili on Wednesday told the General Assembly of the Intra-European Organisation of Tax Administrations the Georgian tax administration had “always been a leader” in offering tax services in digital format.
Georgian Deputy Interior Minister Aleksandre Darakhvelidze on Tuesday said official statistics produced in the country as well as evaluations of authoritative international organisations confirmed the quality of safety and security in the country was “high”.