Geórgia: Investir na Geórgia
According to UNCTAD's World Investment Report 2023, FDI flows to Georgia in 2022 increased to USD 2 billion, up by 61.1% year-on-year. At the end of the same period, the total stock of FDI was estimated at USD 22.3 billion, around 90.7% of the country’s GDP. Data from the National Statistics Office of Georgia show that Azerbaijan is the largest investor due to the ongoing construction of the Shah-Deniz pipeline (the country holds 20.4% of the total FDI stock in Georgia), followed by the United Kingdom (16.7%), the Netherlands (9.3%), Türkiye (6.1%), and the United Arab Emirates (4.3%). The EU as a whole accounts for 28.6% of the total stock; however, the country is increasingly opening up to Asian investment. In terms of sectors, those attracting more FDI are financial and insurance activities (23.9%), transportation and storage (23.2%), electricity, gas, steam, and air conditioning supply (7.6%), real estate activities (7.2%), manufacturing (7.1%), and wholesale and retail trade (6.4%). According to provisional data from the National Statistics Office of Georgia, in 2023, FDI inflows reached USD 1.59 billion. In 2023, the leading FDI contributors were the United Kingdom (USD 392 million), followed by the Netherlands (USD 360.5 million), and Turkey (USD 168.8 million). The financial and insurance sector attracted the most FDI, totaling USD 630.1 million. Manufacturing followed (USD 291.7 million), ahead of transportation (USD 138.2 million), trade (USD 116.6 million), energy (USD 108.5 million), information and communication (USD 85.7 million), real estate activities (USD 59.7 million), arts, entertainment, and recreation (USD 57.8 million), hotels and restaurants (USD 34.6 million), and education (USD 18.2 million).
UNCTAD estimates that FDI flows into Georgia will grow moderately in the coming years, supported by rising commodity prices and stronger economic growth. To attract investors, the country offers many tax and legislative advantages. The Georgian economy has been almost fully liberalized and currently offers an attractive economic climate for investment. Georgia does not have specific mechanisms in place for FDI as governmental reviews of investment projects can be requested on an ad hoc basis. Furthermore, the national law guarantees the investors’ right to convert and repatriate income after payment of all due taxes. Overall, business and investment conditions are sound and open-market policies are maintained along with low tax rates; however, there is an increasing lack of confidence in the judicial sector. Corruption, historically very present in the intermediate levels, has been largely eradicated - a major obstacle to attracting FDI. According to Transparency International, Georgia currently ranks 49th out of 180 economies on the 2023 Corruption Perception Index, as well as 65th among the 132 on the Global Innovation Index 2023 and 32nd out of 184 countries on the latest Index of Economic Freedom.
Foreign Direct Investment | 2020 | 2021 | 2022 |
FDI Inward Flow (million USD) | 590 | 1,242 | 2,000 |
FDI Stock (million USD) | 18,654 | 19,399 | 22,329 |
Number of Greenfield Investments* | 13 | 8 | 32 |
Value of Greenfield Investments (million USD) | 258 | 297 | 674 |
Source: UNCTAD, Latest available data
Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.
Country Comparison For the Protection of Investors | Georgia | Eastern Europe & Central Asia | Estados Unidos | Alemanha |
Index of Transaction Transparency* | 9.0 | 7.5 | 7.0 | 5.0 |
Index of Manager’s Responsibility** | 6.0 | 5.0 | 9.0 | 5.0 |
Index of Shareholders’ Power*** | 9.0 | 6.8 | 9.0 | 5.0 |
Source: Doing Business, Latest available data
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.
Since 2004, the Georgian government has established a range of measures in order to develop the country's economy:
- The privatization of public companies;
- The fight against corruption;
- Establishing a principle of non-discrimination between Georgian and foreign businessmen through the law "On promotion and Guarantees of Investment Activity" and "On State support on Investment";
- Drastically reducing the procedures for forming a company, which take on average two days;
- Reduction of corporate tax;
- Lifting of barrers for business operations;
- Liberalization of the labour market.
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