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.

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.