Georgia’s reputation as a business friendly country is growing after becoming the 6th best country in the world in terms of economic development and easy of doing business.
Georgia has moved up again in the Doing Business Ranking of the World Bank to 6th place from 9th place last year.
This means that Georgia is the most credible economy of Europe and Central Asia. It has maintained its strong position in Top 10 Economies”, said the Regional Director of the World Bank, Mercy Tembon yesterday at the press conference where together with the Prime Minister of Georgia Mamuka Bakhtadze, she announced the results of the new report.
Bakhtadze said that such progress means “a tremendous step” made towards integrating Georgia’s country in the global economy and evidence that reforms implemented by the government of Georgia are successfully serving the economic development of the country.
Bakhtadze also said that Georgia already is one of the most reliable economies of the world and the government plans to further improve our results.
You may know what the vision of our Government is: Georgia should be in top 5 in all the international ratings... Our main goal is to make Georgia more effectively integrated to the world economy. It is essential to transform Georgia into a regional leader and economic hub. Otherwise we will find it hard to overcome the economic challenges that we face”, Bakhtadze said.
Tembon explained the reasons why Georgia has been consistently advancing in the rating over the years and said this is a testimony of progressive reforms and programs that improve the business environment in the country.
More precisely, reforms implemented this year and planned for future will further advance Georgia's position. It has become easier to incorporate a business by cutting or simplifying the post-registration procedures, tax registration, social security registration or licensing. Payment of taxes has become simpler by introducing new or revised tax laws, by simplifying compliance processes and decreasing the number of tax filings or payments.
At the same time, Georgia made it easy to enforce contracts by having electronic payments and automated assignment of cases to judges, which end in published judgements. It reduced its relative gap in regulatory performance of starting a business. Key reforms helping in the improvement of ranking have been carried out and entrepreneurs no longer need to make a separate visit to the Revenue Service for value added tax registration upon company registration. Similarly, Georgia has improved the one-stop-shop for business incorporation, allowing businesses to start a company through a single procedure”, she said.