WB says Georgia among the most hospitable countries for foreign investment
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Author: Story by Nino Edilashvili
Out of 87 countries surveyed by a recent World Bank report, Georgia has been identified as one of the most open countries to for foreign direct investment, and one of the easiest countries in which to start a business.
Published in July this year, Investing Across Borders 2010 (IAB) is the first report by the World Bank Group which offers “objective data on laws and regulations affecting foreign direct investment.” The group sees clear and effective laws and regulations as being vital for ensuring best results for host economies, their citizens, and investors.
“Foreign direct investment is critical for countries’ development, especially in times of economic crisis,” says Janamitra Devan, Vice President of Financial and Private Sector Development, World Bank Group. “ It brings new and more committed capital, introduces new technologies and management styles, helps create jobs, and stimulates competition to bring down local prices and improve people’s access to goods and services.”
Georgia’s newly appointed Minister of the Economy, Vera Kobalia - who ran a bakery business in Canada before assuming her current role - welcomed the news. “Investors are very careful about the investment climate of any country,” Kobalia said in televised comments. “For them the World Bank’s rating is of special importance.” According to Kobalia, Georgia’s high position in the rankings means that investors find it easy to launch businesses here.
The report underlines that “in Canada, Rwanda and Georgia it only takes less than a week to set up a subsidiary of a foreign company, while in Angola and Haiti it can be done within a half a year.” Neighboring Armenia is also mentioned in a positive light: “Leasing industrial land in Nicaragua and Sierra Leone typically requires half a year as opposed to less than two weeks in Armenia, Republic of Korea, and Sudan. In Pakistan, Philippines, and Sri Lanka it can take up to two years to enforce an arbitration award,” the report reads.
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