"Produce in Georgia" explains why foreign investors safe to invest in Georgia (Exclusive)

Finance Materials 26 September 2019 19:14 (UTC +04:00)

Baku, Azerbaijan, September 26

By Tamilla Mammadova – Trend:

Georgia’s attractiveness for investments is evidenced by various rankings of the international organizations, Produce in Georgia Agency responsible for the state program of the same name, told Trend.

According the agency, investment in Georgia is entirely and unconditionally protected by the respective law.

"The Law of Georgia “On Promotion and Guarantees of Investment” determines the legal grounds of making both foreign and domestic investments in Georgia and guarantees their protection. The foreign investor, whilst carrying out investment and entrepreneurship, is guaranteed and enjoys equal rights to those granted to a physical and legal person of Georgia", said the agency.

As agency noted, the foreign investor, after payment of taxes and other mandatory charges, is entitled to repatriate the earnings (income) gained from investments as well as other funds abroad without any restriction.

"This right can be limited only by law, a court verdict in case of bankruptcy, committing a crime and violation of civil obligations. Besides, a foreign investor has the right to take abroad the property he owns. Georgia holds 6th position out of 190 countries in the World Bank’s Ease of Doing Business 2019, placed alongside developed markets, such as the US, Singapore, Denmark, Norway and the UK, among others," said the agency.

In addition, according the agency, the Heritage Foundation ranked Georgia as the 16th on its Index of Economic Freedom 2018.

"According to the 2018 ranking by Transparency International, Georgia stands on 41st position in the corruption perception index, reflecting that corruption index for Georgia is lower than for the number of EU states," said the agency.

The 'Produce in Georgia' program was created in the summer of 2014 to stimulate local production and offers two main incentives: financial resources and infrastructure (land, buildings, etc.).

In April 2017, the agency of the same name was created, which combined all state programs aimed at promoting the business sector and economic development of the country.