The FINANCIAL -- Giorgi Gakharia, the Minister of Economy and Sustainable Development of Georgia assessed Georgia’s ranking by the World Bank’s Doing Business 2018 Report at the press conference - Georgia has moved from the 16th place to the 9th place and is in the top ten positions among 190 countries.
The Minister spoke about the importance of Georgia’s improved position in the World Bank ranking. According to him, the ranking illustrates that Georgia is the most reformatory country among the European and Central Asian countries. At the same time, the Minister said that it should be taken into account that this is the most comprehensive rating and other ratings, such as the “Competitiveness Index” and others are largely based on this very research.
Giorgi Gakharia highlighted the importance of Georgia’s progress in such a prestigious rating in terms of promoting Georgia’s business environment and investment climate. As he noted, the ranking uses ten different components for evaluating business environment and the simplicity of doing business in the country. “Today we can say that Georgia is a member of an elite countries’ club - in the top ten out of 190 countries, where doing business is an easy and comfortable activity. I would like to stress on the improved positions in such components as starting a business, getting electricity, resolving insolvency and other components. This is a result of different pragmatic decisions and steps aiming at facilitating existing businesses and encouraging new businesses to start operation,” – the Minister of Economy and Sustainable Giorgi Gakharia also noted that the private sector and business are the main driving forces of the country’s economy: “This is the part of the economy that is growing today and the 5% economic growth recorded, in September, is due to the activity of these companies and these people. We would also like to highlight that the progress in ratings is a success resulting from the joint work of the Government and the various state agencies – a success reflecting the implemented reforms in 2016 and 2017 “.
The Minister of Economy and Sustainable Development also spoke about the need of continuation of the reform process. As he noted, “Reforming is an inevitable part of a small, open economy, and this is the pass that our government should always follow. We do realize that data of this rating is very competitive since the competition among the different countries is overwhelming. Of course, we should always be focused on the improved ratings and we should also pay high attention to the environment in which we have to operate, the competitiveness we face and the environment we are attracting the investments as well as the environment where we work and implement the reforms.
The Minister specially highlighted the top-ten countries of the ranking which Georgia is amongst of. According to him, these are the leading countries in terms of investment environment, investment activities and economic growth and therefore, standing next to such countries is outmost importance for Georgia, according to Ministry of Economy and Sustainable Development of Georgia.
Giorgi Gakharia also noted this rating has a specific significance bringing specific benefits and certain results for the companies. As he noted, the Doing Business ranking is composed of 10 basic components and Georgia has improved its position in six out of ten positions, while remaining four positions are unchanged. “This means that in terms of the Doing Business criteria, no country did better last year but Georgia,” – the Minister concluded.