Georgian Prime Minister Irakli Garibashvili addressed the China-Georgia Business Forum, covering a number of areas. The PM said, “Georgia highly values China’s crucial role in the global economy and its substantial contributions to the development and progress of nations worldwide.”
The PM went on to say that “China’s dynamic growth, innovation, and commitment to international cooperation have made it the essential partner in addressing global challenges and fostering prosperity. I would like to highlight that Georgia supports President Xi’s global initiatives, such as Global Development Initiative (GDI), Global Security Initiative (GSI), and Global Civilization Initiative (GCI). And, we express readiness to strengthen cooperation under these frameworks.”
The head of the government expressed hope that “our bilateral relations will evolve into a resounding success story with deepening of ties and the realization of our common goals. In this light, I firmly state that my country offers a friendly environment and all the necessary support and comfort to realize such goals.”
Garibashvili also noted that “Georgia serves as a vital link for eight landlocked countries, facilitating seamless trade and commerce between the two continents with the support of our Government, free trade agreements, human capital, and regional connectivity.”
“That is why, in recent years, my country emerged as an exceptional gateway between Europe and Asia for international companies and businesses in the wider region. Businesses find in Georgia an invaluable entry point not only to the South Caucasus but also to Europe and Central Asia, granting access to diverse markets. As a crucial entry and exit point for trade, commerce, and energy between Europe and Asia, we offer international firms a highly competitive atmosphere to expand their operations across the broader region.
Moreover, Georgia is the only country in the region with free trade agreements simultaneously with China and the EU. Overall, we have the free trade regime with 45 countries (including the EU-27, the United Kingdom, Turkey, China, EFTA and CIS countries), and have many more in negotiation phases. Therefore, Georgian products can enter 1/3 of the world consumer market under the existing free trade regime, which represents about 2.3 billion-consumer market. Further to highlight impressive advantages of Georgia, currently, we extend visa-free travel to citizens of 98 countries, allowing them to stay for a full year. Furthermore, individuals holding a visa or residence permit from 50 other countries can also enjoy the convenience of visa-free travel to Georgia.
According to the World Bank, Georgia ranks as the 3rd Least Tax Burdened Country in the world, with 9.9% total tax rate. We offer attractive benefits with some of the lowest tax rates globally and streamlined bureaucracies, making it an appealing choice for investors looking for great value. Beyond the highly attractive business climate, we provide appealing support mechanisms for interested companies, such as the “foreign direct investment grant”. For export-oriented IT companies operating in Georgia, we offer benefits through the so-called “International Company Status”, which includes preferential tax regime (only 5% personal income tax (instead of general 15% rate) and 5% corporate profit tax (instead of general 20% rate)).
The rise in the Georgia’s reputation as a desirable business destination is not a mere coincidence. Over the past decade, the country has undergone significant transformation, embracing a more liberal and free-market economy. Last year, we adopted “Vision 2030,” the Georgia’s development strategy – a comprehensive national policy document that outlines the Georgian Government’s development vision. This far-reaching outlook focuses on fostering sustainable economic growth, social equality, security and stability,” the PM stated.