Agressive Privatization Policy Georgia’s new government is aggressively privatizing state-owned property to attract private capital to state owned assets in order to introduce efficient management, increase investment and boost economic growth and jobs creation. The Government of Georgia received $297 million USD from the privatization process in 2006.
Source: Ministry of Economic Development of Georgia
Key features of Georgia’s privatization policy include:
- Flexibility – Use of Various Methods of Sale: To promote an efficient privatization process, the Government of Georgia utilizes various methods to privatize state-owned property such as tender, auction, lease-redemption and direct sale.
- Transparency – To ensure a high level of fairness and transparency, the Government actively works towards establishing international contracts with interested organizations and potential investors. A special web-site, http://www.privatization.ge/, has been created to provide privatization related information.
- Fairness – Equal Opportunities for all Potential Buyers – Any Georgian or foreign person or company has the right to take part in the privatization process in compliance with the laws of Georgia.
- Investor-initiated privatization: Investors can initiate an expedited, transparent and competitive privatization of particular assets necessary to an investment project.