IMF talks Georgia's investment potential
BAKU, Azerbaijan, Sept. 19
By Tamilla Mammadova – Trend:
Georgia’s business environment has been a strong asset in attracting investment to the country, International Monetary Fund (IMF) Mission Chief for Georgia, Mercedes Vera Martin told Trend.
"Georgia has strived to streamline procedures to start a business, registering property and paying taxes; and to lower the costs of setting and operating the business, with good institutional governance, including through transparent and integrated digital solutions. These efforts are recognized internationally as Georgia ranks high globally," Vera Martin noted.
According to her, in considering the investment environment, one also needs to take a closer look at areas where Georgia can improve.
"For example, Georgia’s firms report more infrastructure-related challenges compared to peers. And it is not only about road infrastructure, but also about making trading across border easier, being able to find the labor force with the adequate skills, having access to credit to finance new projects, and creating a more competitive environment for industries to flourish, including by implementing a more efficient insolvency process for companies and enhancing the efficiency of the judiciary system in resolving commercial disputes," Vera Martin added.
As she noted, the COVID-19 shock brings countries and business new challenges in a highly uncertain context.
"Looking ahead, continuing to build on a business environment that provides predictability and promotes fair competition would help limit the scarring effects of the pandemic and support a sustainable reopening of the economy," IMF Mission Chief for Georgia said.
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