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Companies Complain Of Selective Enforcement Of Law - U.S. Department Of State

62e38b770119f
Natia Taktakishvili
29.07.22 12:00
527
The U.S. Department of State published a report on the investment climate of Georgia today. The report talks about the legal frameworks that regulate the issue of direct foreign investments in the country, as well as the relations between business and the state. The report also talks about the implementation of financial sanctions against Russia, which the National Bank of Georgia clearly implements according to the department's assessment.

As of the document, the average growth rate was over five percent from 2005 through 2019, and its rankings improved impressively in global business, governance, corruption, and other indexes. Georgia ranked twenty sixth in the Heritage Foundations’ 2022 Economic Freedom Index, and 45th in Transparency International’s Corruption Perception Index. Fiscal and monetary policy are focused on low deficits, low inflation, and a floating real exchange rate, although the latter was affected by regional developments, including sanctions on Russia and other external factors, such as a stronger U.S. Dollar.

"Overall, business and investment conditions are sound, and Georgia favorably compares to the regional peers. However, there is an increasing lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timely, competent manner, with some business dispute cases languishing in the court system for years. Other companies complain of inefficient decision-making processes at the municipal level, shortcomings in the enforcement of intellectual property rights, lack of effective anti-trust policies, accusations of political meddling, selective enforcement of laws and regulations, including commercial laws, and difficulties resolving disputes over property rights. The Georgian government continues to work to address these issues, and despite these remaining challenges, Georgia ranks high in the region as a good place to do business.

The United States and Georgia work to increase bilateral trade and investment through a High-Level Dialogue on Trade and Investment and through the U.S.-Georgia Strategic Partnership Commission’s Economic, Energy, and Trade Working Group. Both countries signed a Bilateral Investment Treaty in 1994, and Georgia is eligible to export many products duty-free to the United States under the Generalized System of Preferences program", - the document reads.