How Does The Gov't Plan To Support FDI Within The Scope Of 2030 Development Strategy?
The Government of Georgia palns to introduce tax incentives to attract direct foreign investments in the country,- according to the government's 2030 Development Strategy.
"Given the highly competitive conditions in the world, the Government of Georgia will take steps to offer more favorable conditions to the potential investors. For example, the country has already introduced a new state program to promote foreign investments - the so-called FDI grant, which refers to reimbursement of qualified expenses for companies after fulfilling the investment obligation. At this stage, the mentioned mechanism covers high-tech production, export of services, logistics and aircraft services. In the following years, the mentioned and other mechanisms will be expanded; At the same time, the development of new mechanisms, such as: tax benefits, preliminary training of the workforce and other initiatives," the document reads.
According to the government's assessment, the volume of foreign direct investments in Georgia has been high over the years, but the country will continue to be a priority, in addition, the kind of investment that is focused on exports, contributes to the transfer of knowledge at the local level and the development of new directions (sectors).
"It is an important task for the government to promote the investment opportunities and bring the leading companies of the global industry to the country. Until 2030, it is planned to study 20,000 companies from priority sectors and identify prospective investors with whom proactive communication will take place.
In order to create closer and direct ties with international companies, work with investors will continue using new mechanisms. Among them, specialized representative companies will be hired in different countries, which, through their offices abroad, will promote the potential of Georgia and, together with the Ministry of Economy and Sustainable Development of Georgia, will actively work to bring new companies to the country.
By promoting the country's investment offer, significant attention will be paid to those companies that advise international investors to select countries for new investment projects. In order to popularize the country's investment environment and priority sectors, the active use of international media channels will continue, as well as the bringing of business media and business associations to Georgia according to priority sectors," the document reads.
As a result of measures to promote the attraction of foreign direct investments, according to the forecast of the Government of Georgia, the level of direct foreign investments in relation to GDP will reach 6% by 2024.
