Notwithstanding the disturbing smell of gunpowder and the deafening roar of rocket blasts in the vicinity, there persists business as usual in Georgia. Things in the business world of the Republic are going on unchanged, and the state of affairs is quite agreeable despite so many political difficulties and social disturbances around us. Here in Georgia, out of the entire population of 3.7 million people, almost one-third is an active labor force, with GDP per capita a little over $5000. This is an overall social picture in figures, though, which regrettably does not make this nation a strongly developed country.
And still, almost everything works here: taxes are being paid; the banking sector is offering the most attractive credit guarantee provisions; transport is moving and the roads are being taken care of; restaurants are catering to every possible appetite; the cultural life is booming; stores are buzzing with customers, buying all that comes in handy; people in the street look perfect, all dressed and shoed according to the current trend’s dictate; new businesses are being registered on a daily basis; schools, colleges and all sorts of online courses are keeping up with modern ways of education; and agricultural produce is on ample display on numerous supermarket shelves. In short, life is bubbling, letting out enough steam to in theory have our political train chug away nonstop.
The research says that more than 400 leading international investors are considering investing in Georgia in the next three years, and 70% of future investors feel optimistic towards the country’s economy
The economic growth in Georgia is also present and obvious. Our local food and soft-drink products, packing materials, leather and leather substitute products are being exhibited at international markets like SIAL Paris 2022, FachPack 2022 in Nurnberg, Germany, and Micam & Mipel Milano. Most notably, according to the recent research by the world renowned media and analytical company Bloomberg Media Studio, Georgia is considered one of the most popular locations for investments, and based on the interest of actual and potential investors in the country, it occupies 13th place in the world among the major international economies like the USA, China and Great Britain. The research says that more than 400 leading international investors are considering investing in Georgia in the next three years, and 70% of future investors feel optimistic towards the country’s economy, which happens to be over the average global indicator of 55%.
The regrettable part of the whole deal might be that nothing like this has be heard in the Georgian media in many years: most means of mass communication here wouldn’t even mention things like this on the air. Moreover, a magnificent economic prospect like this is utterly impossible if sustainable development is not kept up effectively, which will happen only if peace and calm are maintained forever in this land. Encouraging economic examples like this are plenty, for instance, supported by ‘Invest in Georgia’, one more American IT company, called Combined Ratio Solutions, has started operating in Georgia, providing IT services for local insurance companies.
Planning on doing business in Georgia? Knowledge of the investment environment, accounting, taxation, legal and human resource frameworks is essential to keeping you on the right track
Grant Thornton, one of the world’s largest professional services networks of independent accounting, has a successful branch in Georgia, headed by its managing partner Vakhtang Tsabadze. This leading organization of independent assurance, tax and advisory firms recently published a 39-page guide for investors, titled ‘Doing Business in Georgia 2022.’ Just a quick flick through this cute little brochure is enough to get a complete picture of this country’s investment environment. Books like this are not published in vain: They mean business and they do business. Here is what the succinct, but attractively charged preamble of the smart booklet says: “If you are planning on doing business in Georgia, knowledge of the investment environment and information on accounting, taxation, legal and human resource frameworks are essential to keeping you on the right track. This Guide helps investors unlock their potential for growth in Georgia. It answers questions as to why to invest in and how to do business in Georgia.”
Somebody might think little of having such a publication out, but this is not about just another book on business: It’s about the country’s attitude to doing business here; it’s about the methodology for attracting the world’s businesspersons to Georgia; and, finally, it’s about the style this generation of Georgian business folks live and let live. Welcome to the new world of business in Sakartvelo!
Op-Ed by Nugzar B. Ruhadze
