BAKU, Azerbaijan, Dec.10
By Tamilla Mammadova – Trend:
Georgia is doing well in international rankings as regards to the business environment, EU Commission Press Officer for Economic Affairs Enda McNamara told Trend.
According to him, it currently ranks 7th out of 190 countries in the World Bank’s ‘Ease of doing business’ index.
"However, it is ranked much lower on some specific criteria covered by this ranking, such as resolving insolvency, trade barriers and access to electricity," he said.
According to McNamara, important challenges remain with regard to the independence of the judiciary, legal certainty and ongoing investigations of certain major businesses.
"According to the recent Georgian statistical data, mining and agriculture performed better than the other sectors in 2020 as they managed to increase the value of their production in spite of the economic crisis," he said.
As McNamara noted, manufacturing, utilities and trade also returned in the last months to the level of output similar to the same period of 2019, while the majority of the other service sectors, in particular hotels, restaurants and transport, remain in a deep recession.
Meanwhile, foreign direct investments (FDI) in Georgia amounted to $302.6 million in 3Q2020, down by 23.6 percent from the adjusted data of 3Q2019 and up 25.2 percent from the data of 2Q2020. According to FDI in Georgia, the three major foreign direct investor countries are the United Kingdom with $117.7 million, the Netherlands with $79.3 million, and the United States with $24.2 million.
The shares of FDI by major foreign direct investor countries were distributed as follows: the United Kingdom (38.9 percent), Netherlands (26.2 percent), and the United States (8 percent).
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