First Vice PM: Georgia’s business environment clearly reflected in international rankings

Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, on Tuesday said Georgia’s favourable business environment was clearly reflected in international rankings.

In his remarks at a panel discussion held as part of the Economic Forum, Davitashvili noted that, according to the OECD’s FDI Regulatory Restrictiveness Index, Georgia ranked 8th globally in terms of governance.

“Georgia ranked 8th globally in terms of governance. This means the country provides a welcoming environment for foreign direct investment, ensures the free movement of capital, goods, and services, and imposes no restrictions on currency conversion or capital repatriation. These are crucial factors influencing foreign investors’ decisions”, he said.

The Vice PM further highlighted that in the World Bank’s Doing Business ranking, Georgia ranked 7th globally, adding that “although the World Bank has since replaced that index, Georgia now ranks 3rd in the new Business Ready pilot index, following Singapore and Estonia”.

“I believe this is a strong indicator that the quality of governance in our country is quite high and reliable, and that public services continue to improve each year. While we can’t claim everything is perfect, it’s evident that the process of enhancing state services is ongoing and consistent. That’s why we are focused on maintaining and advancing our competitiveness, and it’s important to highlight all the factors contributing to Georgia’s overall business climate attractiveness”, Davitashvili concluded.