Attracting investment is one of Georgia’s key priorities to promote sustainable economic development. The Government of Georgia (GoG) has carried out significant reforms to improve the investment environment, as reflected in Georgia’s extraordinarily high ranking, 12th out of 183 countries, in the World Bank’s Doing Business Index for 2011 (World Bank and International Finance Corporation, 2010). Some recent reforms have sought to further improve the investment environment. A working group at the Parliamentary Sector Economy and Economic Policy Committee has recently been established to streamline and update Georgia’s investment legislation. A new Draft Law of Georgia on Investment Activities has been developed by the Committee, combining the essential provisions of the three above laws. The Committee recognizes that draft law needs careful examination and has sought feedback from stakeholders. Further efforts are required to refine this draft legislation to bring it into line with international best practices, including bringing the language on investment protections and guarantees in line with international standard language and aligning the structure and functions of the Georgia National Investment Agency (GNIA) with its evolving mandate and functions related to investment promotion.
May 2, 2018