The World’s Number 1 Reformer Georgia’s progress in improving the business climate has been well documented in a number of international indices, including the World Bank’s Doing Business in 2007 survey, which hailed Georgia as the world’s number one reformer.
Read more Strategic Geographic Location Located at the crossroads of Europe and Central Asia, Georgia’s three major oil and gas pipelines, Black Sea ports, well-developed railway systems, together with its airports are playing an increasingly important role, linking East & West. Stable Macroeconomic Environment Consistent macroeconomic policies are producing strong economic growth, with GDP increases of close to 10% in 2005 and 2006. Competitive Trade Regimes Georgia has low tariffs, streamlined border clearance procedures and preferential trade regimes with major partners, including the EU, CIS countries, Turkey and the U.S. Low Taxes Fewer taxes and lower rates, including flat tax rates on personal income (12%) and corporate profits (20%), make Georgia the most attractive tax regime in the region. Further cuts are planned. World’s Leader in Labor Freedom and Literacy Georgia’s new Labor Code, hailed as one of the world’s best in international rankings, reduces labor costs and gives greater freedom of contract to employers and employees. Simultaneously, Georgia offers the world’s most literate workforce, and very competitive prevailing wage rates. Simplified Licensing and Permitting Procedures The total number of licenses and permits required in Georgia has been slashed by 84%, and statutory deadlines imposed for government to respond to applications. The «one-stop shop» and «silence is consent» principles were also introduced. Aggressive Privatization Policy Privatization of state-owned property is increasing investment and improving Georgia’s competitiveness. Investors may initiate an expedited, competitive process to privatize assets needed for an investment project. Dynamic Banking Sector The banking sector, which is completely private, is growing rapidly, as foreign investors enter the sector & Georgian banks tap international capital markets. Corruption-Free Environment Tough anti-corruption measures have significantly improved tax and customs administration and increased state revenues, scaled back Georgia’s shadow economy, and produced a significant decrease in corruption in the public and private sectors as measured by international ratings.