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ECONOMY
STRATEGY
INVEST IN GEORGIA
adds value as an interface between the government and foreign businesses.
Irakli Matkava
Director, Georgian National Investment Agency
The Georgian National Investment Agency (GNIA) was established in 2002 under the Ministry of Economic Development as part of the liberalisation drive. It is the only government agency responsible for promoting and facilitating investments in the country.
forums, conferences, workshops, etc., to raise awareness of Georgia’s potential and present the country as an attractive investment destination. It also studies the investment climate, FDI and export
information is then compiled into ‘passports’ which aid entrepreneurs looking to set up business in Georgia. In other words, the Agency acts as an interface between the government and the business community.
TIES WITH THE GULF
Much of the Agency’s attention is focused on Gulf countries. Irakli Matkava, Director, GNIA, sees a mutually beneficial future, with interaction not restricted to just capital investment but spilling over into the transference of know-how and technology as well.
Indeed, Arab investment has played a major role in bolstering the economy
Georgia before global investors.
of Georgia. In 2010, FDI from the Gulf is expected to reach USD1bn. Some of this will go into ongoing projects such as the Poti FIZ by RAKIA, and the rest into new projects.
Toactasthefaceofthenationbefore global investors requires flexibility
currently working on creating an IT system that streamlines its services, customised to meet client needs.
LEADERSHIP
For Mr. Matkava, who aspires to make the GNIA set industry standards, “the dynamism and necessity to excel in every single thing we do” is the challenge. As the Agency works with data that varies dramatically in both form and content, each project requires
has won so far encourage him to strive for more.
Mr. Matkava’s career has been an awe-inspiring journey cutting across several specialisations: international relations, business administration, a tenure with the National Security Council of the government, the non-profit sector, the academia and industry, to name only a few. Little wonder then that he believes his current job profile is a natural extension of his previous appointments—forging links internationally and managing joint projects—except “on a different level and with a higher degree ofresponsibility”.
CHALLENGES
With the global crisis, competition for FDI has become tougher than
realigned its activities to work in tandem with other departments, creating a wider communication base. It has learned how to do more with less.
out by the government have made the Agency’s job easier. Georgia has been steadily climbing business ratings ever since these reforms were enforced— 11th in the ‘Ease of Doing Business’ list and 4th in the list of least tax- burdened states according to various international organisations.
With preferential trade agreements and double taxation treaties with various countries, the government has pulled its weight in making Georgia an inviting prospect. No restrictions on repatriation of profits and taxes on foreign-source income add to the advantage, creating a more- than-excellent base for achieving ROIs above the industry average in developedeconomies.
With such support from the government, continuous incentives to investors and a number of sectors that offer high returns, Georgia holds much promise. However, as Mr. Matkava says, “It’s better to see with your own eyes than hear about something a hundred times. Come, see and invest in Georgia.”
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