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Georgian investors’ trust fading away

2010-09-01 18:25

- Georgia, which within a short period of time showed itself as a country ruled by quarrelsome, cocky leaders (like Gamsakhurdia, Shevardnadze and now Saakashvili), is unable to gain the investors' trust. They have always been solicitous about the future of their financial investments. Some time ago, Georgia managed to set up a generally favorable investment climate with the help of uncommon measures, that is, by providing significant tax benefits for foreign investments. If we put these benefits into one scale and put the investors' natural concern about the domestic situation in the country and its foreign policy on the other, the latter may once weigh the scale down. I don't think Georgia is likely to launch a war right now; however, it keeps building up

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armaments openly. Moreover, it is led by a dangerous man who has proved his inadequacy in 2008. Such concern may weigh a lot more than the chance to win provided by the tax regime. Investors might take into account Tbilisi's current policy aimed at rearmament and seeking for the conditions for preparing new aggressions. Within 18 years, Georgia has been showing aggression against Abkhazia and South Ossetia, having triggered six wars all in all. Would you feel any desire to invest money into a country, which authorities initiate large military operations every three years? To my mind, the main reason why investments are withdrawn from Georgia is its unstableness in the perimeter.

The situation with attracting resources is no better than that with preserving investments. In the first quarter, the inflow was just 76 million dollars, which is twice less than in the same period last year. However, Georgian government stubbornly keeps heating political passions and harping on a "threat", "occupation" and the continuous state of war. The only thing to be obtained in such exotic way is the assistance of international credit institutions. Now, there is only one question: are the financial doles of the "kind-hearted" financial organizations of more importance for Tbilisi than the private investments needed to build a healthy economy?

Alexandra Polyakova

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