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georgia_economic_growth Economic Benefits and Opportunities of Georgia

Economic Benefits and Opportunities of Georgia

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Laws and Economic Benefits in Georgia

Economic reconstruction is one of the most important priorities of the Georgian government and in this regard, economic privatization, orientation towards free market and integration with the EU economy have become one of the top priorities of the country. Specific Facilities Georgia, according to world statistics, gained the following rankings in the world:


The Doing Business Institute has listed Georgia as the leading and reforming country in Europe and Central Asia in 2015 at No. 15 (2014 at No. 14).

The Fraser Institute ranked Georgia 12 and Georgia 12th, respectively, after the United Kingdom in its 2015 World Economic Freedom Ranking. In the ranking are the United States and Taiwan after Georgia.

Transparency International, according to its 2014 ranking, ranks Georgia among the former Soviet Union and Eastern Europe as the leading countries in the fight against corruption. Georgia is ranked first in Central Asia and Eastern Europe.

The Global Competitiveness Rreport - Georgia's Global Competitiveness Index ranked Georgia 22.4 and 69, according to the 2015-2014 ranking. (2014-2013 72nd position)

In its new 2015 report, the Hertage Foundation places Georgia ahead of developed countries such as Japan, Norway, Belgium, France and Austria in terms of economic freedom among 178 countries, 22nd, and the predominantly free group. .

In November 2015, S&P, Moody's and Fitch Ratings assigned Georgia a stable BB rating.

Georgia has received the highest reform award in Europe and Central Asia in the last five years from the Business Reform Club.

Georgia is doing its best to fight corruption at the European level, according to a European Bank for Reconstruction and Development (EBRD) official.

Georgia's Economic Sector Indicators:

First: GDP

Georgia's GDP in 2014 was 29150 million lari. GDP in the first two months of 2015 amounted to 14667 million lari. (US $ 2.39 per lari)

Second: the real growth rate

Table 1: Real GDP Growth Rate

Year Growth rate ( % )

2006

9.4

2007

12.3

2008

2.3

2009

3.9 -

2010

6.3

2011

7.2

2012

6.2

2013

3.2

 2014

4.8

2015 (first quarter)

3.3

2015 (Second Quarter)

2.5

2016

2.85

2017

4.98

2018

5.54

 

 

 

Third: Average inflation rate

Table 2: Annual Inflation Rate

 

year Inflation rate (%)

2006

9

2007

11

2008

5

2009

3

2010

11.2

2011

2

2012

-0.94

2013

-0.51

2014

3.07

2015

4.01

2016

2.13

2017

6.03

2018

2.76
 

 

 

Fourth: The volume of foreign investment in Georgia

Table 3: Foreign Direct Investment (Million USD)

year

The amount of investment

2006

1190.4

2007

2014.8

2008

1564.0

2009

658.4

2010

814.5

2011

1117.2

2012

911.6

2013

941.9

2014

1750

2015

1564

2016

1565.9

2017 (first 6 months)

751

 

 

Some important points in this regard are as follows:

The largest share of foreign direct investment in Georgia in 2014 came from the Netherlands ($ 373740 thousand), Azerbaijan ($ 341401 thousand), China ($ 217944 thousand) and Luxembourg ($ 109633 thousand).

ـ Investment volume in the first 6 months of 2015 is as follows:

(million dollar)

 

Azerbaijan

219  

Netherlands

89  

Turkey

67

Great Britain

44

Luxemburg

32

Russia

28

 

The largest amount of investment in Georgia in the first two months of 2015 was $ 353 million in transportation, $ 49 million in construction, mines-19, energy-$ 18 million.

Fifth: The state budget

Government Income, Expenditure and Budget Deficit (Million GEL)

year

Income Cost Deficit

2007

4293.6

3890

403.6

2008

5517.7

5554.7

37 -

2009

4917

5367.2

450.3 -

2010

5421.5

5466.5

45 -

2011

6342.9

5825.9

517

2012

8242.0

6300.0

1.942-

2013

8425.5

6920.0

1.505-

2014

7319

7539

220

2015

8090

8005

 

 

Sixth: Foreign debt


External debt of the Georgian government is a serious issue. Georgia's foreign debt is divided into four categories;

1. Debt to international lending organizations;

2.. Debt to lending or bilateral countries;

3. Debt related to the sale of government securities;

4. Debt to countries or international organizations to provide guarantees to the Georgian government.

  As of July 31, 2015, the country's external debt amounted to $ 4 billion and 165 thousand dollars. Most of the external debt of the Georgian government relates to international organizations, which are broken down as follows:


international organization
2015 (million dollars)

World Bank

1 billion 223 million
World Development Bank (IBRD)

$ 614 million

International Monetary Fund (IMF) $ 112 million
Asian Development Bank $ 620 million
European Development Bank (EBRD) $ 83 million
European Investment Bank $ 221 million
International Fund for Agricultural Development (IFAD) $ 30 million
European Union

$ 11 million

 

Georgia owes $ 704 million to lenders or donors, the largest share of which comes from Germany at $ 265 million.

Table of Lending or Donor Countries to Georgia (Million USD)

Row Country

Amount

1

Germany

265

2

Japan

150

3

Russia

90

4

France

52

5

United States

29

6

Kazakhstan

27

7

Turkey

21

8

Kuwait

16

9

Armenia

13

10

Austria

12

11

Iran

8

12

China

3

13

Netherlands

1

14

Azerbaijan

11

 

Georgian Government Debt (Million USD)

Row

year 2008

year 2009

year2010

year 2011

2012

2013

2014

1

2691.4

3381.5

3936.9

4331.9

5971.2

4169.9

4074.1

 

Seventh: Unemployment rate

Unemployment rate (%)

year

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Unemployment rate

13.6

13.3

16.5

16.9

16.3

15.1

15

14.6

12.4

12

 

Eighth: The Benefits of Trade in Georgia

1. Comfortable laws of trade in Georgia, including the Law on Protection of Foreign Investors and the Law on the Free Trade Zone (unless the Government declares a plan to invest at least ten hectares of land and an investment value of more than $ 2 million, Will designate the area as a free trade zone) and ...

2. Right to own 100% of foreign nationals

3. Member of the WTO since 2000

4. Establishment of GSP (Generalized System of Preferences) with US, Canada, Switzerland, Japan and Norway (Minimum customs tariff will apply for Georgian goods exported to the above countries (

5
. GSP with EU countries (allowing Georgia to export 7200 types of products to EU countries with customs exemption).

6. The Free Trade Regime with the Commonwealth of Independent States and Turkey (as of November 1, 2008)

7. No VAT on export.

8. No customs duties on export and re-export.

9.Complete the company within one to three days with ease.

10. Having a New Customs System: After completing documents and forms via the internet by the goods owner, all customs duties are carried out for 10 to 20 minutes. If there is no record, there is no need for the car and the owner of the goods to be in the customs.

11. Establishment of FTA system with Belarus, Ukraine, Azerbaijan, Armenia, Russia, Moldova, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Turkmenistan and Turkey.

12. Establishment of DCFTA (Deep and Comprehensive Free Trade Area) system with the countries of the European Union under the agreement concluded on June 27, 2014.

 

Ninth: The tax system

There are six types of taxes in Georgia:

1. Corporate Profit Tax 15%

2. Value Added Tax 18%

3. Indirect taxation depends on the type of production

4. 20% Income Tax

5. 5% Profit and Income Tax

6. Import tax which is in three forms: zero, 5% and 12%
.

 

Getting acquainted with the facilities and facilities of Batumi Port

Batumi Port is now Georgia's main seaport and its sustainable development has enabled the economic development of the Autonomous Republic of Ajara and the whole Georgia. Currently the turnover of this port has increased significantly and has become the largest transit destination for Kazakhstani transport of oil and oil products to Azerbaijan.

Transport of oil and petroleum products, public transport and bulk, has made the Batumi port a vital center of European transport corridor. That is, thanks to its diverse logistics and infrastructure position, the port has become a major destination for transportation, promoting foreign trade and boosting transport performance in the region, and has a major contribution to the geographical economic development of the region and the entire country.

According to the general manager of the Batumi Port: The port is specialized in transporting a wide range of cargo and represents one of the deepest coastlines in the eastern Black Sea, indicating that it can be used as a shipping hub in the Operate the area. Rail, land transportation, oil transportation, and generally bulk transportation, often play a vital role in the port's turnover.

An oil terminal is currently operating at the port, with oils being loaded and unloaded simultaneously on boats number one to three, capable of receiving four tankers at the same time, providing the highest capacity for oil transportation of 15 It has millions of tons a year. There is also a multipurpose container terminal at docks number four and five, a dock for freight wagons with a capacity of 700,000 tonnes per year, and a terminal for loading dry cargo from docks number six to nine with a capacity of 1/2 The million tons and one passenger terminal are active docks number ten and eleven.

The port has a significant financial contribution to the Georgian budget. During the period January-September 2015, freight transport exceeded 800,000 tons. During the same period, the transportation of oil and petroleum products amounted to 2,850,000 tonnes, representing 128% of the port's capacity utilization.

In the third quarter of 2014, for the first time in the history of Georgian ports, it sailed one of the largest dry cargo ships, the Soy Mai, at 229 meters long, 36.8 meters wide and 14687 tons at the berth of the Batumi Port. In addition, in the third quarter of 2015, the first shipments of spiral pipes weighing 188.5 tonnes were loaded. The weight of each spiral tube is 31.5 tons 32 meters long.

 

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