Georgia is increasingly attracting investors from countries such as Iran, Azerbaijan, China and India. There are various reasons for attracting investors in Georgia, and in this article we are going to explain some of them.
Why we should invest in Georgia?
Georgia’s commercial sector has provided a platform for attracting foreign investors, in addition to the domestic market, which actually includes residents of the country, and access to wider regional markets.
Georgia has also signed FTA agreements with CIS countries that include Ukraine, Belarus, Moldova, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan, as well as its neighbors, Turkey, Azerbaijan and Armenia, on import and customs tariffs. And it has attracted many investors from different countries.
In addition general program of preference for Georgia with the US, Switzerland, Canada, Japan and Norway have also been applied for, with the result being lower tariffs on 3,400 goods exported from Georgia. In addition, Georgia is a member of WTO since 2000.
Also all foreigners who travel to Georgia enjoy highly accessible customs policies because there is almost no custom duty,90 % percent of goods being exempt from import tariffs. The average time for customs clearance is like 15 minutes which is one of the fastest in the CIS.
Low wage tariffs in Georgia and attracting investors
The average monthly salary in Georgia is $ 400, which includes blue and white collar workers. Georgia does not have minimum wage regulation.
The unemployment rate is 12.6%. It is noteworthy that the Georgian labor market prefers young labor.
In addition, no work visa or permit is required for citizens from 100 countries during 90 days, which actually helps attract professional staff from other countries. Georgia has one of the most liberal labor environments and labor freedom index is 80 out of 100 score.
From 2003 to the present, the World’s Bank has been recognized Georgia as one of the world’s fastest reforming economies and as a leader in the fighting against corruption, which is one of the main reasons for attracting investors in this country.
Geographical location and attracting investors to Georgia
Georgia is a country in the Caucasus region. Located at some point in western Asia and eastern Europe, it is bounded to the west by the Black Sea, on the north by Russia, on the south by Turkey and Armenia, and on the east by Azerbaijan. Georgia covers an area of 69,875 square kilometers.
At the same time, access to European countries and the Black Sea, which allows Georgia to be a link between Asia, the Middle East and Europe, has made it a great business center.
Georgia’s natural resources, as a gateway between Europe and Asia, provide many benefits for investors in the manufacturing sector and other energy-intensive sectors. In addition, Georgia not only offers reasonable costs and low taxes. Attracting investors also involves low energy costs.
Tourism industry in Georgia and attracting investors
Tourism is Georgia’s fastest growing industry, providing some of the best small business investment opportunities in Georgia. The country has a lot to offer to its visitors. Georgia has a very diverse climate, in addition, it is famous for its numerous hot springs. Most international hotels chain that have their Georgian branches are mostly upscale hotels.
Given that your favorite industry is tourism, agriculture, manufacturing or real estate, there are many ways to invest in Georgia. The Georgian government has made the country a viable destination for investment, reducing business and tax costs and boosting investment opportunities.