Emerging Europe - EBRD Outlook on Georgia Conference Held in London

The Emerging Europe - EBRD Outlook on Georgia 2017 Conference was held at the EBRD Headqaurters in London, UK. The conference was held to discuss the investment potential in the economic, tourism, banking and finance sectors in Georgia, with three panel discussions held: Georgia at the crossroads of the Silk Road, infrastructural possibilities and regional integration and the financial and tourism sector in Georgia, the Ministry of Foreign Affairs of Georgia reports. Deputy Minister of Economy and Sustainable Development of Georgia Giorgi Cherkezishvili, President of National Bank of Georgia, Koba Gvenetadze, Deputy Minister of Agriculture of Georgia, Nodar Kereselidze, Deputy of the Georgian National Tourism Administration, Rusudan Mamatsashvili, EBRD Director for the Caucasus, Moldova and Belarus, Bruno Balvanera, all participated in the conference together with Georgian and British business sector representatives. 

Giorgi Cherkezishvili, Deputy Minister of Economy and Sustainable Development of Georgia, made a presentation on the economic development of Georgia, while Koba Gvenetadze, President of the National Bank of Georgia, talked about the financial and banking areas of the country, with a panel discussion held afterwards. Recent projects realized in the tourism sphere and the possibilities for investment were also introduced and discussed during the forum. 

“What has impressed me the most today is seeing how many Georgians there are in important positions — Ministers, CEOs, Bankers — all of whom ae young, passionate, creative and cool,” said Bruno Balvanera, the EBRD’s director for the Caucasus, quoted in the news release on www.emerging-europe.com, entitled: Young Georgians Make Their Mark at Emerging-Europe –EBRD Event. 

The news release then cites Giorgi Cherkezishvili, saying: “Georgia is a business oriented country. It is the best investment destination in the region, a transparent, corruption-free and stable country with a very low crime rate.” 

“There is no payroll or labour tax, and no social contributions, just income tax at 20%. Companies only pay tax on profits when dividends are issued; any profit which stays in the company goes untaxed. In all, we now have just six taxes. Ten years ago, there were hundreds,” Cherkezishvili’s was quoted in the news release. 

“We’re seeing a growth 4.2% this year within Georgian economy, although new figures out this morning mean we may have to revise that upwards,” Maximilien Lambertson from the Economist Intelligence Unit, pointed at the conference, “noting that the constitutional ban on the sale of agricultural land to foreigners is a concern” and that “The government has a dispensation to make exceptions, but that is not wholly transparent. Georgia also needs to fill its skill gaps.” “Overall the outlook for Georgia is more positive than it has been, given how far the country has come, I look forward to seeing what it can do over the next five years.” Mr. Lambertson said at the forum. http://emerging-europe.com/in-brief/young-georgians-make-their-mark/

By Nino Gugunishvili